Crypto strategist predicts major Bitcoin breakout, says latest BTC rally strong and aggressive
A popular crypto strategist believes that a meteoric rise could be in the cards for Bitcoin (BTC), but not before a brief period of consolidation.
In a new video shared with this 338,200 Twitter followers, Credible lays out a scenario where Bitcoin temporarily takes out resistance around $25,600 only to come back down and retest a crucial support level.
According to the crypto strategist, the pullback is likely to set the stage for a massive Bitcoin rally heading to resistance around $40,000.
“We could potentially take out those highlights [$25,600] and then came back down. This area here [$22,000] is now going to be a significant area of support… So it’s certainly possible that we take these highs and come down here and consolidate a little bit further, maybe spin around here and continue up for a more gradual rise, and then we straighten and delete off. at this level.”
Given BTC’s recent strength, Credible also says a retracement down to the $18,000 price range is now unlikely.
“I cannot rule out a retest of these levels [$18,000]. Again, it is logical to rest these levels. I cannot rule it out. But with this strength and [the] aggression of this move to the upside, it just introduces other scenarios that make that kind of retest a little less likely.”
Should Bitcoin remain aggressively bullish, Credible believes that BTC could simply consolidate above the $25,000 price range before skyrocketing towards a target around $40,000.
“If we manage to break that high [$25,000] and consolidate across this region, then we can simply consolidate before the next big leg up.”
At the time of writing, Bitcoin is trading at $26,017.
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