Bitcoin‘s price has experienced a notable fall after reaching $65,000, plummeting by 10% over the past three days. Despite this downturn, market analysts remain optimistic about its future. Credible Crypto, a well-regarded analyst, has assured followers that Bitcoin is nearing the end of its multi-month correction phase and is poised for a significant surge.
Bitcoin’s Imminent Rally?
Credible Crypto shared insights on social media, suggesting that Bitcoin might dip to $50,000 before embarking on a parabolic rally. A chart provided by the analyst indicates that this upcoming rise could propel Bitcoin to unprecedented levels in the coming weeks.
According to his analysis, Bitcoin could soar to $100,000 by the end of September. Post this milestone, the analyst anticipates Bitcoin to continue its upward trajectory, potentially reaching new peaks. He also emphasized that the recent sideways price movements are deceptive and that Bitcoin’s value is set to increase substantially.
Is the Recent Downtrend a Buying Opportunity?
The analyst elaborated that the declines observed over the past months are merely corrective and signify a reaccumulation phase before the next major ascent. These short-term fluctuations should be viewed as trivial unless one is actively trading.
Bitcoin’s price dropped below $59,000 due to the intensified downtrend, now trading at $58,873 after a 4.76% decline in the last day. This steep fall reduced BTC’s market cap to $1.164 trillion.
The decrease in Bitcoin’s value has been partly attributed to speculations surrounding potential tax policies under a possible Kamala Harris presidency. This news has significantly influenced market sentiment.
Actionable Insights for Investors
The analyst’s predictions provide several concrete takeaways for investors:
- Monitor Bitcoin’s performance around the $50,000 mark for potential buying opportunities.
- Prepare for a possible surge to $100,000 by the end of September.
- Consider the recent price corrections as part of a larger reaccumulation phase.
- Stay informed about geopolitical developments that may impact cryptocurrency markets.
In conclusion, while Bitcoin has seen a recent decline, the forecast by Credible Crypto suggests a promising upward trend. Investors should consider the current market conditions and analyst insights to make informed decisions.