A Rare Indicator Signals Historic Move for Bitcoin, Says Crypto Analyst
A widely followed crypto analyst, known as Credible Crypto, believes that Bitcoin is on the verge of a monumental move to the upside. Credible Crypto points to a rarely seen indicator, suggesting that Bitcoin’s current period of record low volatility or compression phase will eventually lead to historic expansion.
Key Points:
- Credible Crypto shares a chart from fellow analyst TechDev, indicating that BTC’s three-week chart is approaching compression levels seen before the start of previous bull markets since 2012.
- BTC’s consolidation phase is considered bullish, despite some BTC bulls losing confidence due to the lack of price movement.
- Consolidation is a neutral phase, indicating a balance between buyers and sellers. In this case, since Bitcoin has been in an uptrend since $15,000, the analyst expects the consolidation to resolve to the upside.
- The bullish market structure will remain intact unless BTC breaks below the lowest timeframe level of $24,800.
Hot Take: While Bitcoin’s price has been relatively stagnant lately, this crypto analyst believes that the current compression phase is a sign of an impending historic expansion. Based on historical patterns and the continuation of the bullish market structure, the analyst suggests that the default stance on BTC should be bullish. However, breaking below $24,800 would signal a shift in market sentiment.
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