Analyst Predicts Bitcoin Price Bottom Below $55,000 Before Potential Rally

Cryptonews John Brightwater September 1, 2024

Analyst Predicts Bitcoin Price Bottom Below $55,000 Before Potential Rally

A prominent analyst, recognized for his insightful cryptocurrency predictions, has disclosed his forecast for Bitcoin’s (BTC) potential price bottom prior to a bullish market reversal. The trader, known by the alias Credible Crypto, has garnered a significant following on the social media platform X, currently numbering 415,000 followers.

Credible Crypto indicates an expectation for Bitcoin to experience a relief rally before it possibly declines further. He identifies the potential for Bitcoin to establish its “ultimate” price bottom just beneath the $55,000 threshold. He elaborates, “While it is feasible that we could dip lower to my target range of $53,000-$54,000, I believe it is more prudent to anticipate a relief rally first.”

He observes that there has been a considerable liquidation of long positions during the recent downturn, suggesting that many short positions above their current levels still need to be tested for conviction. Although he remains uncertain whether Bitcoin will surpass previous highs or fall short, he envisions one of these scenarios unfolding prior to a drop back to the anticipated $53,000-$54,000 target, which is hoped to represent a macro higher low.

Credible Crypto has indicated that upon achieving this bounce, he anticipates upward movements across the market, which has prompted him to take profits on all short positions at this point in time.

In his analysis shared in late August, Credible Crypto showcased a chart projecting Bitcoin trading within the $50,000 range over the upcoming weeks, followed by a substantial parabolic rally potentially leading to new all-time highs. He stated, “The mid to high time frame outlook for the coming weeks suggests we are quite close, dear investments community.”

As of the present moment, Bitcoin is trading at approximately $58,917. This analysis serves as a reminder for investors to remain vigilant and conduct thorough due diligence concerning their investments in Bitcoin, cryptocurrency, or other digital assets.