A closely followed crypto strategist is unveiling his next price target for Bitcoin (BTC) that will massively defy BTC’s current downtrend.
Pseudonymous analyst Credible tells his 332,300 Twitter followers that one day he will be bearish on Bitcoin, but not until it roars past the $100,000 level to complete an extended bull cycle.
“Looking forward to being bearish after this wave up over $100,000 that I’m expecting completes.
Seeing the way sentiment is now during a mid-cycle correction means the correction that corrects the entire bull cycle from $3,000 to $100,000+ is going to be absolutely brutal.”
The analyst next takes aim at those who predict Bitcoin will fall below $15,000 by saying that similar doom-and-gloom prognostications last year missed out on BTC lurching to a series of new all-time highs (ATHs) in the late summer and fall.
“The argument for $13,000-$14,000 BTC on the premise that past major bear markets have led to 80% declines from the top makes a major assumption – that $65,000 was the cycle top.
It’s the same assumption people made at $30,000 in June ‘21 before we rallied to a new ATH of $65,000 three months later.”
The crypto strategist concludes by citing data from Glassnode.
“The most accurate floor model I have seen. No guarantees, but it has marked our bottom every time we have tapped it.
Like the name, I see this as ‘confluence’ and do not base my entire bullish thesis on it, but it certainly supports the idea that we have found our bottom.”
At time of writing, BTC is down sharply, having ceded the $30,000 level for the seventh time in the past week.
Bitcoin is currently in the red by 5.6% over the last 24 hours and trading for $28,863.
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Featured Image: Shutterstock/Digital_Art/Konstantin Faraktinov
Source: https://dailyhodl.com/2022/05/19/crypto-analyst-predicts-brutal-bitcoin-btc-rally-catches-bears-off-guard-heres-his-target/