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.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.