Top Analyst Predicts Huge Bitcoin (BTC) Rally by 2023, Says Current Correction Designed To Shake Out Traders

A popular crypto strategist says he still expects Bitcoin (BTC) to ignite a strong rally by the end of the year, noting that the current bearish price action is designed to shake traders out of the market.

Pseudonymous analyst Credible tells his 328,200 Twitter followers that BTC is going through its last corrective phase before it skyrockets above $100,000 by 2023.

“Mid-cycle corrections are designed to shake you out, and they’re quite effective. Just ask the guys who sold BTC under $10k during the March capitulation event before BTC ran 1,500%. Patience. [High timeframe] structure remains intact. It’s really quite simple.”

Image
Source: Credible/Twitter

Looking at Credible’s chart, Bitcoin’s market structure remains bullish as it continues to print higher highs and higher lows.

In the short term, Credible says he sees Bitcoin pulling back to $36,400 before reversing its trend.

“Looking for a repeat of what we saw in GREEN here in ORANGE. That is a sweep of unswept lows into demand and then a reversal. We have a high timeframe bullish divergence I mentioned previously that would get invalidated on a high timeframe close below $36k, so I don’t want to see us down there for long. BTC.”

Image
Source: Credible/Twitter

At time of writing, Bitcoin is trading at $38,071, down over 6% in the last 24 hours.

Credible is also watching the price action of Curve (CRV), the governance token of stablecoin-focused decentralized exchange Curve Finance. According to the crypto analyst, CRV will likely pull back to its immediate support before breaking out.

“Since my last chart, we rejected off resistance and put in a higher low. We have been in this consolidation structure for three months now. Like BTC, I think CRV is basing before a full-on reversal. Pullback to $2.20-$2.40 and then looking for a break of resistance.”

Image
Source: Credible/Twitter

Curve is currently changing hands for $2.36, down over 13% in the past day.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp
Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Urboshi/Chuenmanuse

The post Top Analyst Predicts Huge Bitcoin (BTC) Rally by 2023, Says Current Correction Designed To Shake Out Traders appeared first on The Daily Hodl.

Stay up to date

on all important crypto news!

The most important news, once a week. No spam.