A Potential Repeat of Bitcoin’s June 2023 Rally, Says Crypto Strategist
A crypto strategist believes that Bitcoin (BTC) is poised to replicate its impressive rally earlier this year, during which it gained nearly 30% in just a month. The pseudonymous analyst, known as Credible Crypto, points out that Bitcoin’s current price action resembles its market structure in June. Back then, BTC surged from $25,000 to a high of $31,850.
Same. $BTC pic.twitter.com/SbtIHETFNQ
— CrediBULL Crypto (@CredibleCrypto) September 17, 2023
Credible Crypto suggests that Bitcoin is currently consolidating after its recent rally, similar to what happened three months ago.
Bullish Engulfing Candle Signals Uptrend
Following Bitcoin’s strong performance last week, Credible Crypto notes that the cryptocurrency printed a bullish engulfing candlestick pattern. This technical pattern may indicate the beginning of an uptrend. The analyst emphasizes that the bullish engulfing candle becomes more significant when considering the context surrounding it. BTC bulls successfully defended a key support level after four consecutive red weekly candles.
Credible Crypto emphasizes that the bullish engulfing candle is not impressive on its own, but when combined with the failure to break the bullish market structure at $24,800 and the subsequent sideways movement, it becomes a potential signal of a reversal.
Bitcoin’s Current Price
As of now, Bitcoin is valued at $26,733.
Hot Take: Bitcoin’s Rally May Repeat
A crypto strategist known as Credible Crypto predicts that Bitcoin could be on the verge of repeating its rally from June 2023. This comes after Bitcoin displayed a strong performance last week and printed a bullish engulfing candlestick pattern. The analyst highlights the significance of this pattern in the context of BTC’s recent price action and defends a key support level. With Bitcoin currently consolidating after its recent rally, there is potential for another surge in value. As always, it’s important to stay informed and closely monitor price movements to make informed investment decisions.
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