Expert Forecasts Bitcoin’s Impending Rally After Strong Performance
A crypto strategist has suggested that Bitcoin (BTC) might be poised to replicate its strong rally from earlier this year, during which the leading cryptocurrency saw gains of nearly 30% in just about a month.
The analyst known as Credible Crypto has drawn parallels between Bitcoin’s recent price action and its market behavior in June. Back then, Bitcoin surged from a low of around $25,000 to reach a 2023 high of $31,850.
Same. $BTC pic.twitter.com/SbtIHETFNQ
— CrediBULL Crypto (@CredibleCrypto) September 17, 2023
According to Credible Crypto, Bitcoin is in a consolidation phase following its recent rally, similar to what occurred approximately three months ago.
His assessment follows a week of strong performance by BTC. The analyst points out the formation of a bullish engulfing candle, a technical pattern that may indicate the initiation of an uptrend.
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Without directly quoting Credible Crypto, it’s worth noting that the strategist places significance on this bullish engulfing weekly candle, particularly because it has formed after Bitcoin bulls successfully defended a key support level.
In this context, the bullish engulfing candle is viewed not as a standalone event but as part of a broader narrative.
Despite four consecutive weeks of bearish movement, Bitcoin has held the bullish market structure at $24,800, followed by sideways price action, and now the emergence of a bullish weekly engulfing candle, signaling the potential for a reversal.
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.
