Is Bitcoin Leaving Traders Behind on Its Upward Journey?
A crypto analyst has raised a cautionary flag concerning Bitcoin (BTC), suggesting that BTC may soon embark on an upward trajectory without providing additional favorable entry points for traders.
The pseudonymous analyst Credible Crypto highlighted that Bitcoin’s recent price movements might bear some resemblance to those of 2019. This similarity has led some traders to anticipate a significant correction following BTC’s recent strength.
Nevertheless, Credible Crypto points out a key distinction between Bitcoin’s current market dynamics and its price action in 2019. Unlike 2019, where rapid parabolic advances were followed by substantial crashes or corrections (often exceeding 80% in decline), the current rally in Bitcoin is not exhibiting parabolic behavior. This divergence leads him to believe that those anticipating a drop to $20,000 or lower may find themselves left behind.
According to Credible Crypto, if Bitcoin is indeed in the early stages of a substantial upward movement, it should not dip below the $26,370 level, which marks the beginning of the recent low timeframe impulse.
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He states, “Our local impulse appears to be holding up well at this point. To provide further context, we are presently trading above our mid-range, a level that has demonstrated significant influence on price movements over the past month. It’s important to note that if this low timeframe impulse marks the commencement of a larger-scale move, the price should not breach its origin, as indicated in the chart below.”
Credible says that as long as we maintain levels above the mid-range, the next target is the range highs. Any signs of weakness would be evident through a loss of the mid-range, with clear invalidation occurring just below the origin of this low timeframe impulse.
At the time of writing, Bitcoin’s price hovers around $27,600 with a 2% decline in the past 24 hours.
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.
