Bitcoin May Be Leaving Without Good Entry Points, Warns Analyst
A crypto analyst is cautioning traders that Bitcoin (BTC) may soon surge without providing any more favorable entry opportunities. The pseudonymous analyst known as Credible Crypto suggests that Bitcoin’s recent price action resembles that of 2019, leading some traders to anticipate a significant correction after BTC’s strength.
However, Credible Crypto argues that the current market structure of Bitcoin differs from its 2019 price action. In 2019, Bitcoin experienced a sudden parabolic advance, which was typically followed by major crashes or corrections. In contrast, the current move-up is not parabolic, indicating that those expecting a drop to $20,000 or below may miss out on potential gains.
Bitcoin’s Impulse Holding Strong
Credible Crypto asserts that if Bitcoin is indeed in the early stages of a substantial upward move, it should not fall below $26,370, which is where the low timeframe impulse began. As long as Bitcoin remains above this level and the mid-range, the next target is the range highs. A loss of the mid-range would indicate weakness, and invalidation occurs below the origin of the low timeframe impulse.
As of now, Bitcoin is trading at $28,029, approaching the analyst’s range high target.
Hot Take: Don’t Expect BTC Correction to $20,000
The crypto analyst Credible Crypto believes that Bitcoin’s current market structure and price action indicate that a correction to $20,000 is unlikely. Unlike the parabolic advance of 2019, Bitcoin’s current move-up is not parabolic. If Bitcoin continues its upward trajectory, it should not drop below $26,370. Traders should pay attention to the mid-range level, as a loss of this level would signify weakness. The analyst’s next target is the range highs.
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