Bitcoin Set for Rally, But Analyst Warns of Trap Before Bull Run to $100K

Crypto analyst Credible, popular on social media for his market insights, predicts that Bitcoin is on the verge of a dramatic rise, with its sights set on reclaiming its previous all-time high around $74,000.

Yet, he cautions that this potential surge could be a “fakeout,” a move to attract overly eager investors before the market corrects itself.

Credible’s analysis suggests that Bitcoin has been steadily building a foundation at recent low levels, marking a key support zone that could fuel a temporary rally. This level, he explains, is a significant marker that, if held, could act as the springboard for Bitcoin’s run-up to its previous peak, setting the stage for a trap targeting bullish latecomers.

In his broader outlook, Credible envisions a final correction that would lay the groundwork for a true bull run, ultimately propelling Bitcoin past the $100,000 milestone. This larger, more aggressive upward wave, he believes, will follow the current period of consolidation, which he describes as necessary before any sustainable rally can occur.

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He also notes that while Bitcoin’s resurgence is inevitable, he doesn’t expect it to break all-time highs in 2023 due to the prolonged nature of the current consolidation phase. Instead, Credible anticipates that the next major bull market will start to gather momentum in the coming year, as Bitcoin builds the strength for its next historic climb.

Alexander Zdravkov