Analyst Signals Bitcoin Decline After Recent Surge, But Remains Bullish Long-Term

A prominent crypto expert is signaling that Bitcoin (BTC) might experience a decline following its rise to the $69,000 mark on Sunday.

Known as Credible Crypto, this trader shared his bearish outlook, indicating a shift in sentiment regarding Bitcoin’s near-term trajectory.

I think our top is probs now in on $BTC, here’s what I think makes the most sense on lower timeframes.

A bit more chopping about before we are ready to continue down ideally. pic.twitter.com/ToHChgi4Qv

— CrediBULL Crypto (@CredibleCrypto) October 22, 2024

He suggested that the current market behavior points toward more volatility before a downward movement is confirmed.

Credible Crypto believes there may be a final attempt to rally towards the $68,000 level before facing resistance and potentially dropping to around $61,000 by the following week.

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He has even warned that Bitcoin could dip below $49,000, stating that the $58,000-$61,000 range represents the last stronghold for bulls trying to avert such a drop.

Despite this short-term pessimism, the analyst remains optimistic about Bitcoin’s long-term prospects. In response to a user’s query about whether current market dynamics are setting the stage for a significant move in the future, he affirmed this notion.