Bitcoin Price Target Revealed by Crypto Trader Before Market Reversal – Here’s His Analysis
A cryptocurrency analyst, known as Credible Crypto, with a rapidly growing audience, has set a specific price target for Bitcoin’s potential bottom before a bullish trend reversal could occur. Credible Crypto, who communicates with over 415,000 followers on the social media platform X, is foreseeing Bitcoin undergoing a relief rally before potentially descending further.
According to Credible Crypto, Bitcoin is likely to establish an “ultimate” price bottom slightly below $55,000. He suggests, “While we could technically still push lower to my ultimate $53,000-$54,000 target now, I think it makes the most sense for us to see some relief here first.” The recent downturn witnessed a significant liquidation of long positions, with several short positions still untested in their conviction. Credible Crypto remains uncertain whether Bitcoin will surpass previous highs or fall short but anticipates one of these scenarios to unfold before potentially revisiting the final target of $53,000-$54,000, aiming for a higher low on a macro scale. As a precaution, he has already taken profits on all short positions in anticipation of potential bounces across the market.
In late August, Credible Crypto shared a chart indicating that Bitcoin could hover around the $50,000 range in the upcoming weeks before embarking on a parabolic surge towards new all-time highs. His chart analysis suggests that Bitcoin may trigger substantial rallies after finding support below $55,000.
At the time of reporting, Bitcoin is currently trading at $58,917. Credible Crypto’s predictions and technical analysis point towards a potential bounce in Bitcoin’s price, followed by a series of upward movements across the cryptocurrency market.
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