Benzinga - A pseudonymous crypto analyst on Wednesday said that Bitcoin (CRYPTO: BTC) will undergo one more market correction before making a massive move to the upside.
What Happened: According to Credible Crypto, Bitcoin will likely dip down to at least the mid-$26,000 level while remaining in an overall upward channel.
The analyst explains, “‘Corrective’ structures are typically downward sloping movements that ‘correct’ or retrace a portion of the prior impulse. ‘Impulse’ movements are trending moves that advance price in the direction of the trend.”
Here's the thing guys."Corrective" structures are typically downward sloping movements that "correct" or retrace a portion of the prior impulse.
"Impulse" movements are trending moves that advance price in the direction of the trend.
This is why "sideways" corrections after… pic.twitter.com/P0d5jiEAjo
— CrediBULL Crypto (@CredibleCrypto) September 19, 2023
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Why It Matters: He further notes the significance of sideways corrections after an impulsive move, stating, “This is why ‘sideways’ corrections after an impulsive move are so bullish because rather than getting a typical retracement, a lack of sellers and strong demand just moves price sideways rather than down until the next impulse. This is a sign of strength.”
Credible Crypto acknowledges the possibility of a move down to a lower level but suggests that extreme volatility and forced selling/liquidations would be necessary to reach that point.
In conclusion, the analyst anticipates that the next move up for Bitcoin will be “explosive,” regardless of where the correction ultimately ends, stating, “All this is to say that the next move up should be explosive regardless of where this correction ends, whether that be in the mid-$26,000’s or lower (if we manage to get some quick liquidations).”
Price Action: At the time of writing, BTC was trading at $26,730, down 1.41% in the last 24 hours, according to Benzinga Pro.
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