Here is Where Bitcoin Might Bottom Out, According to Top Analyst

An analyst with a rapidly growing following has set a target for Bitcoin's (BTC) potential bottom before a possible bullish reversal.

Credible Crypto expects Bitcoin to experience a brief rally before potentially declining further.

He predicts that Bitcoin might form a significant bottom just below $55,000. He notes, “Although it’s possible we could drop slightly more to hit my ultimate target range of $53,000-$54,000, a relief rally seems likely first.”

While we could technically still push lower to my ultimate 53-54k target now, I think it makes the most sense for us to see some relief here first.

We got a decent flush of longs on this move down and there are a number of shorts above who’s conviction has not yet been tested 😈… https://t.co/ocxHAxSmxe pic.twitter.com/G6MsYLYbAC

— CrediBULL Crypto (@CredibleCrypto) August 30, 2024

He explains that a recent decline has cleared out many long positions, and there are still numerous short positions that have not yet been fully tested. He is unsure whether Bitcoin will surpass previous highs or fall short but anticipates one of these outcomes before moving toward his $53,000-$54,000 target, which he hopes will mark a new macro low.

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Credible Crypto also mentioned that if a bounce occurs, he expects broader market recoveries, which is why he has closed all short positions for now.

Mid to high timeframe outlook for the coming weeks.

Almost there bull fam.$BTC https://t.co/ynQWlLo4Rs pic.twitter.com/m2QoG66O3w

— CrediBULL Crypto (@CredibleCrypto) August 23, 2024

In late August, he suggested that Bitcoin could trade around $50,000 in the near term before initiating a significant rally toward new record highs. His chart implies that Bitcoin might experience substantial gains following a bottom below $55,000.