Crypto Trader Unveils ‘Ultimate’ Target for Bitcoin Price Before Reversal – Here’s His Outlook

An analyst with a fast-growing following says he has one value goal for Bitcoin (BTC) bottoming earlier than a bullish reversal may happen.

The pseudonymous dealer generally known as Credible Crypto tells his 415,000 followers on social media platform

Credible says he sees BTC forming an “final” value flooring slightly below $55,000.

“Whereas we are able to nonetheless technically transfer ahead towards my final purpose of $53,000-$54,000, I feel it makes essentially the most sense for us to see some aid right here first.

We have gotten a good quantity of longs on this transfer down and there are some shorts up there whose conviction hasn’t been examined but

I am unsure if we’ll high or fall in need of the earlier highs, however we’re searching for considered one of two situations to play out earlier than we transfer on to the last word goal of $53,000-$54,000 (and hopefully macro -higher low).

Assuming we get this uptick, I count on upticks throughout the board. That’s the reason I’ve taken earnings on all shorts presently.”

In late August, Credible shared a chart suggesting that Bitcoin will commerce round $50,000 within the coming weeks earlier than launching a parabolic rally on its approach to new all-time highs.

“Medium to excessive time period outlook for the approaching weeks. There’s virtually a bull household.”

Trying on the dealer’s chart, he appears to foretell that Bitcoin will stage main rallies after bottoming out under $55,000.

On the time of writing, Bitcoin is buying and selling at $58,917.

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