A popular crypto strategist believes that a meteoric ascent could be in the cards for Bitcoin (BTC) but not before a brief period of consolidation.
In a new video shared with this 338,200 Twitter followers, Credible lays out a scenario where Bitcoin temporarily takes out resistance at around $25,600 only to come back down and retest a crucial support level.
According to the crypto strategist, the pullback will likely set the stage for a massive Bitcoin rally en route to resistance at around $40,000.
“We could potentially take out these highs [$25,600] and then come back down. This area right here [$22,000] is now going to be a significant area of support… So it’s certainly possible that we take these highs and come down here and consolidate a little bit longer, maybe chop around here and then continue up for a more gradual increase and then we simply rocket off of this level.”
Given BTC’s latest strength, Credible also says that a retracement down to the $18,000 price area is now unlikely.
“I cannot rule out another retest of these levels [$18,000]. Again, it’s logical to restest these levels. I cannot rule that out. But with this strength and [the] aggression of this move to the upside, it just introduces other scenarios that make that type of a retest a little less likely.”
Should Bitcoin remain aggressively bullish, Credible believes that BTC could simply consolidate above the $25,000 price area before skyrocketing toward a target of around $40,000.
“If we manage to break this high [$25,000] and consolidate above this region, then we could simply be consolidating before the next big leg up.”
At time of writing, Bitcoin is trading for $26,017.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Crypto Strategist Forecasts Major Bitcoin Breakout, Says Latest BTC Rally Strong and Aggressive appeared first on The Daily Hodl.
