6194a6df4e3fe11808c14bb6 - Famous Analyst Upgrades Bitcoin (BTC) Forecast, Here's His Target at the End of Parabolic Rally

A closely-followed crypto analyst has revealed that he predicts a ‘parabolic rally’ for Bitcoin (BTC) as Bitcoin (BTC) continues its strong bounce over the past few days.

Sharing his views on Twitter, the analyst, nicknamed Credible, told his followers that we may be in the middle of a range where Bitcoin could reverse a high timeframe.

Crediblle stated that if there is a major reversal, Bitcoin could continue its rally, with little or no pullback.

“Actually, it’s not easy to tell where to start a new impulse until the symptoms are too obvious. By that I mean we get a little impulse, we get a little consolidation. We get another small impulse ($47,000) and then we get consolidation again.

And at this very point, people say, ‘we have an okay supply ($47.00). We’re going to go down from that level.’ But realistically, what sometimes happens, and typically will happen, is that we’re going to consolidate if we’re looking for the next impulse. And after that, we’re just going to keep going up and we’re going to start seeing these aggressive impulsive moves, followed by shallow consolidations, and then increasingly aggressive moves.”

Based on Credible’s chart, he expects Bitcoin price to make a parabolic rally above $60,000.

So far, Credible says that Bitcoin is following its scenario as it is currently heading towards a key resistance area. According to the crypto analyst, Bitcoin’s reaction above $44,000 could further confirm his thesis.

“I would have loved to see a pullback around $39k-40k but the pullback was shallower/sideways than I expected… Now we need to see how BTC handles that versus the monthly supply.”

At the time of writing, Bitcoin is trading at $44,058, up over 4% in the last 24 hours.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.

By ocuu

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