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.
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.
— 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.