A popular crypto analyst and trader says that Bitcoin’s recent pullback is actually a necessary step along BTC’s path toward a bullish continuation into 2022.
In a series of tweets, pseudonymous trader Credible Crypto tells his 265,100 followers that what appears scary on the charts is, in fact, a healthy indicator for Bitcoin’s future.
“I know this looks scary – but as crazy as it seems, this is HEALTHY for further price appreciation over the remainder of this bull.
We NEED these types of corrections in order to allow us to go HIGHER in the final legs of this bull run. Macro is still insanely BULLISH.”
When asked by a follower whether he thinks BTC might bottom out in an expanded flat scenario, Credible Crypto reveals that he’s eyeing the $52,000-$58,000 range as support.
“Somewhere below 58k – there is a key area around 52-53k that I like for a potential bottom if we get that low.”
In response to another question about the possibility of BTC falling to $54,000, the analyst thinks it’s likely unless the top crypto can get back to $62,000-$63,000.
Credible next discusses the history of Bitcoin’s cycle tops to explain why he sees a major upside on the horizon.
“If you believe that we have seen our bull market top, then you believe that for the first time in BTC’s 10+ year history, we have seen our cycle top in less time than the prior one.
History shows that each cycle has taken longer than the last, and I expect that to continue.”
Finally, Credible Crypto is asked if his charts indicate an extended bull cycle. He responds,
“Correct, have been saying for some time now I’m expecting this cycle to push well into 2022.”
Bitcoin is trading for $60,393 at time of writing. It’s flat on the day but has recovered slightly from a weekly dip that sent it tumbling from above $66,000 toward the $59,000 level.
