{"id":136605,"date":"2024-09-02T11:00:01","date_gmt":"2024-09-02T08:00:01","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=136605"},"modified":"2024-09-02T01:28:39","modified_gmt":"2024-09-01T22:28:39","slug":"here-is-where-bitcoin-might-bottom-out-according-to-top-analyst","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/here-is-where-bitcoin-might-bottom-out-according-to-top-analyst\/","title":{"rendered":"Here is Where Bitcoin Might Bottom Out, According to Top Analyst"},"content":{"rendered":"<p>Credible Crypto expects <strong><a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/bitcoin\/\">Bitcoin<\/a> <\/strong>to experience a brief rally before potentially declining further.<\/p>\n<p>He predicts that Bitcoin might form a significant bottom just below $55,000. He notes, <em>\u201cAlthough it\u2019s possible we could drop slightly more to hit my ultimate target range of $53,000-$54,000, a relief rally seems likely first.\u201d<\/em><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">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.<\/p>\n<p>We got a decent flush of longs on this move down and there are a number of shorts above who\u2019s conviction has not yet been tested \ud83d\ude08\u2026 <a href=\"https:\/\/t.co\/ocxHAxSmxe\" rel=\"nofollow\">https:\/\/t.co\/ocxHAxSmxe<\/a> <a href=\"https:\/\/t.co\/G6MsYLYbAC\" rel=\"nofollow\">pic.twitter.com\/G6MsYLYbAC<\/a><\/p>\n<p>\u2014 CrediBULL Crypto (@CredibleCrypto) <a href=\"https:\/\/twitter.com\/CredibleCrypto\/status\/1829570429033337338?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 30, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>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-$54,000 target, which he hopes will mark a new macro low.<\/p>\n<p><div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1\">Read More:<\/h5>\n    <a class=\"article row post-136588\" href=\"https:\/\/cryptodnes.bg\/en\/bitcoins-halving-cycle-may-no-longer-apply-says-analyst\/\" title=\"Bitcoin\u2019s Halving Cycle May No Longer Apply, Says Analyst\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/09\/bitcoin-halving-240x170.jpeg\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Bitcoin\u2019s Halving Cycle May No Longer Apply, Says Analyst<\/h4>\n        <\/div>\n    <\/a>\n<\/div>\n<\/p>\n<p>Credible Crypto also mentioned that if a bounce occurs, he expects broader market recoveries, which is why he has closed all short positions for now.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Mid to high timeframe outlook for the coming weeks.<\/p>\n<p>Almost there bull fam.<a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> <a href=\"https:\/\/t.co\/ynQWlLo4Rs\" rel=\"nofollow\">https:\/\/t.co\/ynQWlLo4Rs<\/a> <a href=\"https:\/\/t.co\/m2QoG66O3w\" rel=\"nofollow\">pic.twitter.com\/m2QoG66O3w<\/a><\/p>\n<p>\u2014 CrediBULL Crypto (@CredibleCrypto) <a href=\"https:\/\/twitter.com\/CredibleCrypto\/status\/1827038723499765953?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 23, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An analyst with a rapidly growing following has set a target for Bitcoin&#8217;s (BTC) potential bottom before a possible bullish reversal.<\/p>\n","protected":false},"author":3,"featured_media":43658,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[27],"tags":[72,424],"coin_category":[],"class_list":["post-136605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-crypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Here is Where Bitcoin Might Bottom Out, According to Top Analyst<\/title>\n<meta name=\"description\" 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