Here is Bitcoin’s Next Move, According to Credible Crypto’s Analysis
A prominent analyst closely monitoring the Bitcoin market suggests that BTC needs to surpass a critical price range to signify the conclusion of its ongoing period of stagnant prices.
Credible Crypto predicts a minor corrective move for Bitcoin in the short term before a potential rebound. He anticipates a dip below $25,200, with $24,800 serving as a crucial support level for a move toward $27,000.
Will be heading out to the city this weekend so won't be too active here- a quick summary of current $BTC expectations:
No change to this idea- still looking for a sweep of the lows under 25.2k, want to see 24.8k hold for a push back into RED at 27k.
This ranging PA aside, the… https://t.co/5xLA7b7hKj pic.twitter.com/rNDPAk7Ncn
— CrediBULL Crypto (@CredibleCrypto) September 8, 2023
The analyst believes that Bitcoin’s consolidation could end if it breaches the upper limit of its trading range at around $28,200.
Credible Crypto emphasizes two pivotal levels for potential bullish and bearish signals: $28,200 and $24,800. Additionally, he closely observes the Bitcoin dominance (BTC.D) chart, which indicates the proportion of the total crypto market cap attributed to Bitcoin.
BTC.D’s bullish trend suggests that Bitcoin’s bear market price floor has been established, signaling continued upward momentum.
A bullish BTC.D chart reflects Bitcoin’s faster value appreciation compared to other cryptocurrencies, signaling a new era of momentum. Credible Crypto believes Bitcoin will embark on a robust uptrend, potentially reaching a new all-time high at the expense of other cryptocurrencies.
Capital is flowing from alternative cryptocurrencies into Bitcoin, with this trend expected to continue until Bitcoin achieves new record highs, attracting significant capital inflows.
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.
