Bitcoin is facing uncertain times ahead, and experts believe that the recent upside correction does not mean that the cryptocurrency is out of trouble just yet. Traders and analysts are closely examining the technical and fundamental aspects of Bitcoin to gain insight into its next move amidst the ongoing volatility.
One such analyst, known as Credible Crypto, is renowned for providing thorough and accurate Bitcoin analyses. However, in a recent video, he stated that he is waiting for a clearer signal before publishing his analysis. Previously, he had celebrated Bitcoin hitting its “downside target” and being ready for a “full bull gear.” However, the current price chart suggests that Bitcoin is not yet out of the woods.
The video explains that the market might witness two potential bottom formations. One scenario could involve an aggressive drop, revisiting the $49,000 level, followed by an immediate bounce. The other scenario could be a more monotonous period of further accumulation with tightening volatility, eventually leading to an upside breakout accompanied by significant volume increase.
Additionally, the analyst explores what he considers the most bullish scenario for Bitcoin, suggested by one of his followers. This particular scenario involves a triangle or tightening wedge, which could lead to an earlier breakout compared to the other analysis. However, Credible Crypto believes this to be a low-probability scenario, as he currently expects a short-term bearish trend with an emphasis on further accumulation.
This revision in Credible Crypto’s analysis serves as a cautionary tale regarding the dynamic nature of speculative markets. It highlights the importance for investors and traders to adapt their strategies and plans according to different scenarios.
Another notable analyst, Alan Santana, has also adjusted his short-term projection for Bitcoin, warning that the cryptocurrency is still exhibiting a bearish chart within a six-month downtrend.
On a more optimistic note, OpenAI’s newly launched artificial intelligence model, o1, predicts that Bitcoin will reach a trading value of $90,000 by the end of 2024. This target is also shared by the trading expert Cryptorphic, who anticipates Bitcoin to reach $93,000.
It is crucial to note that the content of this article should not be considered as investment advice, as investing always carries a speculative nature where capital is at risk.