An analyst who continues to build a following for his timely Bitcoin (BTC) predictions believes that the crypto king is gearing up for an imminent burst to the upside.
Pseudonymous analyst Credible Crypto tells his 353,400 followers on the social media platform X that Bitcoin is currently in a large re-accumulation zone which covers price levels between $38,000 and $34,800.
According to the analyst, Bitcoin’s steep move down yesterday pushed BTC down to the range lows which he refers to as the “demand zone.” If BTC holds the demand zone, Credible Crypto sees the flagship digital asset surging all the way up to $40,000.
“We worked with this same range in one of my recent video updates where I was calling for a move to the range lows from the highs at $38,000. That move down ended with the wick at $35,500 which is in the blue circle below.
That region that we bounced from was a key level of demand that was formed by a deviation below the range lows.
If this entire consolidation is a larger accumulation range, that demand zone should hold.
This is why a wick below the lows at $35,500 is fine as long as the higher timeframe demand zone isn’t breached.”Â
Fellow analyst Kaleo is also bullish on Bitcoin following the recent corrective move. The trader shares a chart with his 605,900 followers on X that also shows BTC rallying to $40,000.
“And there’s your dip. Blood is for buying.”Â
At time of writing, Bitcoin is trading for $36,113.
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