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A crypto strategist has suggested that Bitcoin (BTC) might be poised to replicate its strong rally from earlier this year, during which the leading cryptocurrency saw gains of nearly 30% in just about a month. The analyst known as Credible Crypto has drawn parallels between Bitcoin’s recent price action and its market behavior in June. Back then, surged from a low of around $25,000 to reach a 2023 high of $31,850. According to Credible Crypto, Bitcoin is in a consolidation phase following its recent rally, similar to what occurred approximately three months ago. His assessment follows a week of strong performance by BTC. The analyst points out the formation of a bullish engulfing candle, a technical pattern that may indicate the initiation of an uptrend. Without directly quoting Credible Crypto, it’s worth noting that the strategist places significance on this bullish engulfing weekly candle, particularly because it has formed after Bitcoin bulls successfully defended a key support level. In this context, the bullish engulfing candle is not as a standalone event but as part of a broader narrative. Despite four consecutive weeks of bearish movement, Bitcoin has held the bullish market structure at $24,800, followed by sideways price action, and now the emergence of a bullish weekly engulfing candle, signaling the potential for a reversal.
Read more: coinspress
