A widely followed analyst believes Bitcoin (BTC)’s latest correction is preparing the crypto king for a parabolic rise.
Pseudonymous analyst Credible Crypto tells his 340,800 Twitter followers that Bitcoin’s retracement above $30,000 is part of an uptrend that could push BTC to new yearly highs.
The crypto strategist predicts a steep climb for Bitcoin (BTC), one that will erase months of consolidation within days.
“Consolidation precedes expansion. Our last corrective structure lasted 48 days and cleared with just four days of impulsive price action.
Our current corrective structure is 83 days long so far. When we embark on the next impulsive move, we will probably erase three months of corrective price action in about a week.”
Credible Crypto also looks at the amount of BTC held by long-term holders or investors who have not moved their Bitcoin troves in over a year. According to the analyst, longtime BTC holders have been steadily increasing their stacks despite a host of catastrophic news stories over the past year.
Credible highlights that the dwindling available BTC supply of Bitcoin is poised for a massive burst to the upside.
“~70% of all existing BTC is HODL’d (hold on for dear life) and has not been sold for over a year. That number has only been INCREASED by 3AC (Three Arrows Capital), the collapse of FTX AND recent actions against Coinbase/Binance by the SEC.
There is LESS EXCESS SUPPLY available than there has ever been in the history of Bitcoin’s existence. What does this mean?
The situation with Bitcoin right now is like a kerosene-soaked rag in the middle of a forest full of dead trees – all it takes is a single spark of demand (could take the form of some positive fundamental catalysts – the reason behind the spark doesn’t matter) to set that rag on fire.
And as soon as that rag is on fire, the advance begins. Slowly at first, then all at once – just as a forest fire starts with a single spark and quickly becomes an uncontrollable blaze, wiping out everything and everyone in its way.”
At the time of writing, Bitcoin is trading at $26,483.
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Image generated: Midway through the journey
