Popular crypto analyst Credible, known as the Ripple seer, says that an indicator that has been overlooked in Bitcoin (BTC)’s long-term chart is preparing a new phase that will take BTC to ATH levels.
Hidden signals on Bitcoin chart point to ATH levels
You can take a look at the analyst’s accurate price predictions here. The popular analyst known as Credible in his current forecasts says he looked at BTC’s three-week candles and found a discrepancy between price action and the momentum indicator RSI, implying that significant, long-term rallies are on the way:
As long as the price (three weeks) stays above $34,000, this key bullish divergence is expected to emerge and take us to all-time highs.
While Bitcoin’s 50% drop from $69,000 is significant, Credible claims that BTC has never made a lower bottom (LL) and maintains its bull market structure for longer periods of time. The analyst looks at the chart below and shares that he sees a strong market structure:
I’m not sure how this could be bearish considering we’ve bounced back to new ATHs last time around $30,000 and this time we haven’t even hit a lower low yet. Simple market structure.
“This level will be critical for 45 thousand dollars”
The analyst, who watches lower timeframes closely, claims that BTC potentially creates a triangle bottom pattern out of all possible scenarios. After BTC hits $42,500, Credible believes we will see confirmation of a bullish reversal in the next few days, with the next target at $45,000:
An update on this idea – if daily demand was stable and Option 1 (triangle outlined in blue) is playing, the triangular structure may now be complete. If it continues like this, it will become clear in the coming days. It starts with a break of $42,500 and quickly builds up to $45,000.