According to trading experts and analysts in the crypto industry, Bitcoin (BTC) is still facing uncertainty despite a recent upside correction. In times of volatility, both technical and fundamental analyses play a crucial role in providing insights for investors as they anticipate the next move in the cryptocurrency market.
One notable analyst in the field is Credible Crypto, renowned for his meticulous and accurate assessments of Bitcoin and other cryptocurrencies. In a recent video, Credible Crypto mentioned that he is awaiting a clearer signal before sharing a new analysis with his followers.
While celebrating BTC hitting his “downside target” and gearing up for a “full bull run” in a previous analysis, Credible Crypto now notes that Bitcoin’s price chart has evolved, indicating that it is not yet out of the woods. In his recent video, he discusses the possibility of two potential bottom formations: a sharp drop followed by a swift rebound, or a period of consolidation with decreasing volatility before a breakout to the upside with a notable increase in volume.
Additionally, Credible Crypto also explores what he terms as “the most bullish scenario for Bitcoin,” which involves a triangle or tightening wedge pattern that could lead to a quicker breakout than previously anticipated. However, he views this scenario as having a low probability, as he leans towards a short-term bearish trend for further accumulation.
This shift in Credible Crypto’s analysis serves as a reminder of how quickly market dynamics can change, emphasizing the importance of adaptability for investors and traders. Notably, another respected analyst, Alan Santana, has adjusted his short-term projection, cautioning that Bitcoin is still in a six-month downtrend.
Moreover, in the realm of AI predictions, OpenAI’s newly introduced artificial intelligence model, o1, forecasts that BTC could reach $90,000 by the end of 2024. This aligns with the projections of trading expert Cryptorphic, who anticipates Bitcoin hitting $93,000.
It is essential to remember that all investments carry inherent risks, and the information provided here should not be considered as investment advice. Investors must approach the market with caution and create robust strategies that account for various possible scenarios in the volatile crypto landscape.
