Crypto Strategist Forecasts Major Bitcoin Breakout, Says Latest BTC Rally Strong and Aggressive
A popular crypto strategist believes that Bitcoin (BTC) could see a meteoric rise, but not before a brief period of consolidation.
In a new video, those 338,200 Twitter followers shared Credible lays a scenario where bitcoin momentarily breaks resistance around $25,600, only to come back down and retest a crucial support level.
According to the crypto strategist, the pullback is likely to set the stage for a massive Bitcoin rally en route to resistance around $40,000.
“We could potentially take those highs out [$25,600] and then come back down. This area here [$22,000] will be a significant area of support now… So it’s certainly possible that we can take these highs and come down here and consolidate a bit longer, maybe chop around here and then continue up for a more gradual climb and then just take off at that level. “
Given BTC’s recent strength, Credible also says that a retracement to the $18,000 price area is now unlikely.
“I cannot rule out another retest of these values [$18,000]. Again, it is logical to retest these levels. I can’t rule that out. But with this power and [the] Aggression of this move up, it just introduces other scenarios that make this kind of retest a little less likely.”
Should Bitcoin remain aggressively bullish, Credible believes BTC could simply consolidate above the $25,000 price area before rocketing towards a target around $40,000.
“If we manage to break this high [$25,000] and to consolidate above that region, then we could just consolidate ahead of the next big bounce up.”
At the time of writing, Bitcoin is trading at $26,017.
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