According to trading experts and analysts, Bitcoin (BTC) is not out of the woods yet despite the recent upside correction. Meanwhile, technical and fundamental analyses can provide insights as volatility hits and investors speculate on the cryptocurrency’s next move.
One of these analysts is Credible Crypto, known for thoughtful and usually precise analyses of Bitcoin and cryptocurrencies. In a recent video, the trader explained he was waiting for a clearer signal before publishing an analysis.
Previously, Credible Crypto celebrated BTC reaching his “downside target” and being ready for a “full bull gear,” as Finbold reported. However, Bitcoin’s price chart has changed since his last analysis, and BTC is not yet out of the woods.
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The market could now see two bottom formations, as explained in the video. One that could be an aggressive drop revisiting the $49,000 level followed by an immediate bounce. Or a “boring” further accumulation with tightening volatility before a breakout to the upside with significant volume increase.
Bitcoin (BTC) bearish price analysis before the next move
As Bitcoin trades in the $60,000 level, Credible Crypto warns of a potential triple top and triple bottom formation. According to his recent analysis, BTC could test the resistance zone in the following days, making a triple top.
Later on, the analyst sees a potential run for liquidity to the downside, completing a triple bottom at $49,000. In this more aggressive scenario, he expects Bitcoin to go through a “V-Shape” bottom, quickly bouncing up for a breakout.
Conversely, the video also highlights the possibility of a more “boring” scenario without aggressive moves. In this case, he expects Bitcoin to make lower highs and higher lows with diminishing volatility.
Either way, the short-term outlook is primarily bearish, which, in his words, could be “a blessing” for acquiring BTC at lower prices – although leveraged long-position traders may find it “a curse.”
The most bullish scenario, according to the analyst
Yet, Credible Crypto also quickly explored what he called “the most bullish scenario for Bitcoin,” as a follower suggested. This scenario appears with a triangle or tightening wedge, which could result in a breakout sooner than the other analysis indicates.
Nevertheless, the analyst believes this is a low-probability scenario, as he bets on a short-term bearish dominance for further accumulation.
This shift from Credible Crypto‘s previous “full bull gear” analysis is a cautionary tale on how things can change in speculative markets. Thus, investors and traders must learn to adapt to each situation while tracing solid plans considering different scenarios.
Alan Santana is another prominent analyst who recently changed his short-term projection, warning that Bitcoin is still displaying a bearish chart in a six-month downtrend, as Finbold reported.
Meanwhile, OpenAI’s newly launched artificial intelligence model, o1, forecasts that BTC will trade at $90,000 by the end of 2024 – a target shared by the trading expert Cryptorphic, who sees Bitcoin at $93,000.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
