Popular cryptocurrency analyst Credible Crypto says that Bitcoin (CRYPTO: BTC) is preparing for a notable upward shift with historical implications.
What Happened: In a recent X post, the crypto analyst shared that BTC is going through a period of record low volatility, or a compression phase, and that it will ultimately lead to a historic expansion.
Historic compression leads to historic expansion…imagine looking at this chart and thinking “yea, 10k incoming”.
— CrediBULL Crypto (@CredibleCrypto) August 11, 2023
He later said that Bitcoin is simply consolidating, which should be considered bullish.
“Seeing a lot of ‘If we are so bullish, why aren’t we moving up? Bulls don’t have the strength to push the price higher, this is bearish,” he said.
Consolidation is not by default, “bearish”. It is also not by default, “bullish”.
Seeing a lot of “if we are so bullish why aren’t we moving up? Bulls don’t have the strength to push price higher, this is bearish.”
Credible Crypto also shared a post from fellow crypto analyst TechDev, who said that the cryptocurrency’s three-week chart was approaching compression levels that had previously signaled the start of bull markets since 2012.
Last week, another crypto analyst, Tone Vays, predicted that BTC would trend upwards as long as the support level at $28,000 was not breached.
“I am still bullish in the market. I still think that as long as $28,000 holds, we are going to go higher. We will wait for some confirmation, which needs to come after a sustained close above $30,000, which means spending several days, if not an entire week, above $30,000. And then I will have lots and lots of confidence that we are ready to go up to $34,000,” Vays said.
At the time of writing, BTC was trading at $29,376.67, up by two percent in the last seven days.
Produced in association with Benzinga