According to a highly-regarded analyst, the recent lackluster performance of Bitcoin (BTC) may actually be paving the way for a massive surge in the cryptocurrency’s value.
In a newly released video, the analyst known as “Credible” shared his belief with his impressive 340,400 Twitter followers that Bitcoin is currently laying the groundwork for a potential parabolic surge, and is presently in the process of establishing a solid base for this to occur.
Crypto analyst Credible has shared his thoughts on Bitcoin’s recent price fluctuations and what investors can expect in the near future. Despite the recent dip in price, Credible believes that Bitcoin is setting the stage for a parabolic surge, which could be even more aggressive and faster than most people expect.
Credible predicts that Bitcoin could correct to as low as $25,000 and still ignite the next stage of its rally. He explains that consolidations at the base of these parabolic rallies tend to be slow, but once Bitcoin starts moving up to $30,000, $40,000 or $50,000, the ascent will be much swifter and catch many off guard.
Looking ahead, Credible expects Bitcoin to consolidate in a narrow trading range for the next two months before erupting to new all-time highs. He predicts that by July, Bitcoin will be on its way up again, with another move like the recent surge from $19,300 to $30,000, taking it to the $40,000 range.
Credible emphasizes that investors should not expect deep consolidations at this point, and nothing is stopping Bitcoin from reaching new all-time highs before 2024. At the time of writing, Bitcoin is trading at $27,683.