Bitcoin: Analyst Predicts New Highs Despite Recent Pullback

The anonymous analyst known as Credible is standing firm on a unique outlook that Bitcoin (BTC) and digital asset markets will reach new highs soon.

Credible has assured his Twitter followers, which number around 340,000, that the recent decline in BTC from $30,000 is just a normal correction and part of a long-term parabolic rally.

Retests of key levels are common in crypto. The last major retest we had was at 19k before our rally to 30k+. A retest of 25k here would be logical and healthy.

Also, the longer we chop around below 30k the more time we have for *some* alts to pump. Not an "alt season", just a… https://t.co/lAGvncp5xI pic.twitter.com/qkVDqSY5O3

— CrediBULL Crypto (@CredibleCrypto) April 22, 2023

He believes that it’s common for pullbacks to occur while the value of BTC is going up and sees the current consolidation below $30,000 as an opportunity to build a base before rising. Based on his chart, he predicts that the value will reach about $45,000 by mid-July.

Credible believes that some short-term alt pumps could occur before BTC starts its next leg if the value remains below $30,000.

Bitcoin is presently valued at $27,416. Credible’s prior prediction was that BTC will surpass six figures earlier than anyone expected.

Unlike the usual view that Bitcoin is in a long-term bear market or accumulation phase, Credible disagrees and thinks this rally will not end in the $30,000-$40,000 range.

He is confident that once BTC reclaims these levels, it will not hang around but will head for new all-time highs instead.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.