A closely followed analyst believes that Bitcoin’s (BTC) recent price doldrums are setting the stage for the crypto king to go on a parabolic surge.
In a new video, Credible tells his 340,400 Twitter followers that Bitcoin is likely in the phase of creating a base for a parabolic rip.
According to Credible, Bitcoin could correct to as low as $25,000 and still be in a position to ignite the next stage of its parabolic rally.
“The biggest consolidations, the slowest ascension to the upside happens at the base of these parabolas. Don’t expect these types of consolidations to occur once we start moving up to $30,000, $40,000 (or) $50,000. It’s going to be swift. It’s going to be aggressive. It’s going to be faster than most are expecting, and it’s probably going to catch a lot of people off guard.”
Credible predicts that Bitcoin will likely consolidate in a narrow trading range for the next two months before erupting to new all-time highs.
“We’re in May right now. By July, two months max, we should be on our way up again. and expect another move like this ($19,300 to $30,000). That should take us to $40,000s. And again, don’t expect such deep consolidations at that point.
By the time we’re at $40,000 or $50,000… nothing’s stopping us from going to new all-time highs if we get this high. We’re not stopping here… We will be at new all-time highs before you know it and certainly before 2024 in my opinion.”
At time of writing, Bitcoin is trading for $27,683.
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