Bitcoin’s Expected Surge by Summer 2024

A crypto strategist known for timely Bitcoin calls predicts that BTC will reach a new all-time high within a couple of months.

Pseudonymous analyst Credible Crypto shares with his 462,900 followers on the X social media platform that Bitcoin is currently trading in a wide range between $110,000 and $88,000.

Credible believes that while Bitcoin’s consolidation will eventually resolve upward, it will first drop to the low $80,000 range to eliminate paper-handed traders before a parabolic rise begins.

> “On the higher time frame for BTC, it would be nice to have this multi-month consolidation complete with a clean base as pictured before the next impulse begins.”
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> “Focus right now is on two ranges – one low time frame (blue) and one high time frame (black).”
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> “We may or may not visit the highs of the low time frame range first (blue arrow) but ideally would love to see a deviation below the higher time frame range lows before a reversal, reclaim and impulsive move to the upside.”

According to the trader’s chart, after the expected correction, Bitcoin is forecasted to soar to a new all-time high of $126,000 by April of this year. The analysis indicates that the short-term bearish outlook will be invalidated if BTC convincingly breaks through its resistance at $110,000.

As of now, Bitcoin is trading at $96,616, marking a fractional increase for the day.

Source: Credible/X