A closely followed crypto strategist believes that Bitcoin (BTC) is now in a position to witness multiple bursts to the upside with shallow dips in between.
Pseudonymous trader Credible Crypto tells his 349,900 followers on the social media platform X that sidelined traders waiting for BTC to see a significant correction will likely remain out of the market.
According to the analyst, his bullish stance will stay valid as long as BTC trades above his invalidation point of $34,079.
“If you’re still looking for $30,000, $31,000, $32,000 or even $33,000, you may get left behind. Without this level being breached (and I suspect it won’t), all those lower targets will not be met.”
With Bitcoin trading at $34,985, Credible Crypto says that BTC will likely see a string of rallies while barely looking back.
“Now we just keep chaining the impulses till $40,000+ (and new all-time highs).”
For now, the crypto strategist says that it is still within the realm of possibility for Bitcoin to correct toward $34,200 following BTC’s minor liquidation event on Sunday.
“The doors to our range lows that we previously front-ran are now back open – and that’s where I’ll be watching to see a shift in momentum back to the upside…
Also to be clear this isn’t to say that we MUST go to the range lows to complete this correction. ‘Doors are back open to range lows’ simply means it’s now once again a viable/healthy downside target. We could potentially reverse before that BUT if we don’t, the range lows are the most logical/likely place to see a reversal, and a move down to those lows doesn’t change the low time frame bullish structure any more than it already has at this point.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
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.
Generated Image: Midjourney
Source: https://dailyhodl.com/2023/11/06/crypto-analyst-says-chain-of-impulse-rallies-for-bitcoin-btc-all-the-way-up-to-new-highs-now-imminent/