Renowned crypto strategist Credible emphasizes the significance of Bitcoin surpassing the $94,000 level to initiate a new upward trend, a move that could provide momentum despite potential volatility.
Credible's Predictions
Credible warns that Bitcoin's downward trend may continue if the price remains below the $94,000 level. He highlights the anticipation of new market bottom formation and potential structural changes. The analyst asserts confirmation will occur when the local supply level is breached.
Technical Indicators and Expectations
In his analysis, Credible incorporates Elliott Wave theory. He suggests Bitcoin is in a five-wave movement, where the first, third, and fifth waves indicate upward momentum. Breaking the $94,000 resistance could potentially push Bitcoin to $104,000.
Chart Analysis and Market Trends
Chart analysis highlights Bitcoin's recovery potential from $76,000, considering significant sell orders around $86,000. Current market data are crucial for evaluating buy and sell ratios.
Technical indicators suggest a new upward trend may begin if Bitcoin surpasses critical resistance. Analysts advise considering market volatility and relying on technical analyses to assess support-resistance shifts.
