Bitcoin Poised for Uptrend Yet Analyst Cautions Against Preceding Trap Ahead of Surge to 100K

Crypto analyst Credible, renowned on social media for his market expertise, forecasts that Bitcoin is on the brink of a significant surge, aiming to reclaim its previous all-time high of around $74,000. However, he warns that this potential upswing could be a “fakeout,” a maneuver designed to lure overly enthusiastic investors before the market adjusts itself. Credible’s analysis indicates that Bitcoin has been methodically establishing a base at recent low levels, identifying a crucial support zone that might spark a temporary rally. This level, he elaborates, is an important indicator that, if sustained, could serve as a launchpad for Bitcoin’s ascent to its former peak, preparing a trap for optimistic late entrants.

In his extended forecast, Credible predicts a final correction that would pave the way for a genuine bull market, eventually driving Bitcoin beyond the $100,000 threshold. He asserts that this larger, more forceful upward movement will succeed the current phase of consolidation, which he deems essential for any lasting rally to take place. READ MORE:

Solana Whale Realizes $44 Million in Profits, Sparking Market Optimism He further remarks that although Bitcoin’s resurgence is certain, he does not foresee it surpassing all-time highs in 2023 due to the extended duration of the current consolidation phase. Instead, Credible expects that the next significant bull market will begin to gain momentum in the following year, as Bitcoin amasses the strength for its next monumental rise.