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A crypto analyst has raised a cautionary flag concerning Bitcoin (BTC), suggesting that BTC may soon embark on an upward trajectory without providing additional favorable entry points for traders. The pseudonymous analyst Credible Crypto that Bitcoin’s recent price movements might bear some resemblance to those of 2019. This similarity has led some traders to anticipate a significant correction following BTC’s recent strength. Nevertheless, Credible Crypto points out a key distinction between Bitcoin’s current market dynamics and its price action in 2019. Unlike 2019, where rapid parabolic advances were followed by substantial crashes or corrections (often exceeding 80% in decline), the current rally in Bitcoin is not exhibiting parabolic behavior. This divergence leads him to believe that those anticipating a drop to $20,000 or lower may find themselves left behind. According to Credible Crypto, if Bitcoin is indeed in the early stages of a substantial upward movement, it should not dip below the $26,370 level, which marks the beginning of the recent low timeframe impulse. He , Credible says that as long as we maintain levels above the mid-range, the next target is the range highs. Any signs of weakness would be evident through a loss of the mid-range, with clear invalidation occurring just below the origin of this low timeframe impulse. At the time of writing, hovers around $27,600 with a 2% decline in the past 24 hours.
Read more: coinspress
