A cryptocurrency strategist believes that Bitcoin (BTC) is preparing to emulate the strong rebound earlier this year, when its flagship cryptocurrency rose nearly 30% in about a month.Anonymous analyst CredibleCrypto told his 346700 fans on social media platform X that the current price trend of Bitcoin looks similar to the market structure in June, when BTC surged from a low of around $25000 to a high of $31850 in 2023
A cryptocurrency strategist believes that Bitcoin (BTC) is preparing to emulate the strong rebound earlier this year, when its flagship cryptocurrency rose nearly 30% in about a month.
Anonymous analyst CredibleCrypto told his 346700 fans on social media platform X that the current price trend of Bitcoin looks similar to the market structure in June, when BTC surged from a low of around $25000 to a high of $31850 in 2023.
The trader stated that Bitcoin may consolidate after its recent rebound, as it did about three months ago.
CredibleCrypto's prediction was made after BTC's strong performance last week. This analyst said that Bitcoin experienced a bullish trend last week, swallowing up candles, which may indicate the beginning of an upward trend.
The weekly magazine has closed. It has been confirmed that BTC is bullish and swallowing candles.
Please remember, this is not just the isolated situation of this candle, but the background surrounding this closing price makes me so bullish
The cryptocurrency strategist also emphasized the importance of bullish sentiment engulfing the weekly candle. CredibleCrypto states that after BTC bulls successfully hold onto key support positions, the weight of candles becomes greater.
Being bullish and swallowing a candle itself is not so impressive - only when you observe it in context will you realize how important it is.
That is to say, after four red weekly candles, we still haven't broken through the bullish market structure of $24800, and overall, we have a bullish weekly engulfment signal, indicating a potential reversal.
When you put them together, it's not just a simple bullish candle swallowing up
As of the time of writing, Bitcoin is worth $26733.
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