A popular crypto strategist believes that a meteoric ascent 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 at around $25,600 only to come back down and retest a crucial support level.
According to the crypto strategist, the pullback will likely set the stage for a massive Bitcoin rally en route to resistance at around $40,000.
“We could potentially take out these highs [$25,600] and then come back down. This area right 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 longer, maybe chop around here and then continue up for a more gradual increase and then we simply rocket off of this level.”
Given BTC’s latest strength, Credible also says that a retracement down to the $18,000 price area is now unlikely.
“I cannot rule out another retest of these levels [$18,000]. Again, it’s logical to restest these levels. I cannot rule that out. But with this strength and [the] aggression of this move to the upside, it just introduces other scenarios that make that type of a retest a little less likely.”
Should Bitcoin remain aggressively bullish, Credible believes that BTC could simply consolidate above the $25,000 price area before skyrocketing toward a target of around $40,000.
“If we manage to break this high [$25,000] and consolidate above this region, then we could simply be consolidating before the next big leg up.”
At time of writing, Bitcoin is trading for $26,017.
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