Crypto strategist Credible emphasizes the importance of Bitcoin
$82,630 surpassing the $94,000 level for the start of a new upward trend. He notes that breaking this critical level could allow the market to gain upward momentum. Under current market conditions, Bitcoin’s price may exhibit volatility based on specific support and resistance zones.
Credible’s Bitcoin Predictions
Credible warns that Bitcoin’s downward trend may continue if the price remains below the “local supply” area at $94,000. In this context, a new market bottom and potential structural changes are anticipated. The analyst states, “We expect a bottom structure to form and a reversal in market structure to be supported by changes. This will be confirmed when local supply is broken at $94,000. Most importantly, we expect to see a sudden upward movement, although it can be difficult to detect these movements at times. This sudden upward movement is determined by the breaking of local supply.”
Technical Indicators and Expectations
In his analysis, Credible incorporates Elliott Wave theory, indicating that Bitcoin is in a five-wave movement. According to this approach, the first, third, and fifth waves suggest upward momentum, while the second and fourth waves signal correction periods. If the $94,000 resistance is broken, Bitcoin could potentially rise to around $104,000.
The chart analysis highlights Bitcoin’s recovery potential from $76,000 while considering significant sell orders around $86,000. Current market data plays a crucial role in monitoring buy and sell ratios, indicating that traders should be cautious of market fluctuations.
Technical indicators suggest that a new upward trend may commence once Bitcoin surpasses the set critical resistance. The analyst adds that this development could be confirmed with immediate market support. Given the data, traders may adopt a cautious approach based on market volatility, while chart formations and technical analyses can aid in assessing potential support-resistance shifts.
