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Bitcoin recovery suggests massive multi-month rally imminent

Bitcoin recovery suggests massive multi-month rally imminent

As the cryptocurrency market turns a greener leaf after a period of ‘FUD’ (Fear, Uncertainty, and Doubt), Bitcoin (BTC) is leading the gains, and some experts are predicting more good things to come for the market’s flagship digital asset.

Indeed, Bitcoin had rallied over 25% off of a major buy zone in a single bullish candle, in turn, breaking a local resistance level and consolidating just below local highs, according to a Twitter post published by the renowned crypto analyst CredibleCrypto on March 14.

All roads lead to rally

As the pseudonymous cryptocurrency expert explained, there were two possible scenarios for the maiden crypto possibly playing out before, in his view, a massive multi-month rally can follow. 

In the first scenario, a fourth sub-wave of the recent move upside could be interrupted by a deep plunge (even to $18,400) without invalidating the bullish market structure – before completing the fifth sub-wave and moving toward and above $30,000.

According to the second scenario, instead of a deep correction, CredibleCrypto projects a sideways consolidation without ruling out more retests, then a continuation upward because this is what has happened historically on a longer timeframe.

“If we’re going to make all-time highs, then an aggressive move at some point is going to happen, and it’s going to catch many off-guard, and that’s what’s going to cause it to be so violent and aggressive to the upside.”

He further specified that, as the earlier advances got steeper and steeper, more aggressive moves to the upside can be expected, “more aggressive than what we’ve already seen, which was pretty damn aggressive,” and he believes a 60-degree angle to the upside could be expected.

Bitcoin price analysis

Meanwhile, Bitcoin was at press time changing hands at the price of $24,284, indicating a 9.1% increase on the day, in addition to gaining 8.24% across the previous week and 10.94% over the past month, according to the data retrieved on March 14.

Bitcoin 7-day price chart. Source: Finbold

Elsewhere, Robert Kiyosaki, the author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ has urged his followers to buy more of the largest crypto as government bailouts to the recently collapsed banks, in his view, were threatening to “invade sick economy,” as Finbold earlier reported.

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