Popular Analyst Comments on Bitcoin (BTC) Price Actions

A closely followed cryptocurrency analyst and trader said that Bitcoin's (BTC) recent correction below $40,000 sets the stage for BTC to surge to $50,000 in the coming weeks.
 Popular Analyst Comments on Bitcoin (BTC) Price Actions
READING NOW Popular Analyst Comments on Bitcoin (BTC) Price Actions

A closely followed cryptocurrency analyst and trader said that Bitcoin’s (BTC) recent correction below $40,000 laid the groundwork for BTC to rally to $50,000 in the coming weeks.

You can follow us on our Twitter and Telegram channel to be instantly informed about the last minute developments.

Anonymous analyst Credible says that Bitcoin’s rejection at $45,069 on March 2 shows that BTC is trading in a triangle pattern while drawing a bottom.

“The depth of this retracement means that if this is a triangle structure, now a standard triangle instead of running (as at $10,000), our wave B is probably complete. The demand for $38,000 per day is still key for this idea to remain viable.” According to

Credible, the bullish thesis is based on the market structure when BTC was trading below $10,000 from September 2020 to October 2020. The crypto strategist says that the triangle pattern formed during this time preceded Bitcoin’s massive rally from $10,000 to $60,000.

“The last segment of our corrective structure before the third wave of impulses from $10,000 to $60,000 was a triangle. It would be nice to see something similar here. Note that a longer sole typically leads to a stronger impulse. Retracements to $38,000 – $42,000 in BTC are healthy.”

Credible expects Bitcoin to continue to consolidate in the coming days, while BTC’s recent move above $44,700 is significant, with the possibility of the leading cryptocurrency breaking $30,000 support. underlines the significant reduction.

BTC was trading around 38,100 at the time of writing.

Comments
Leave a Comment

Details
185 read
okunma31841
0 comments