A prominent crypto strategist, known by the pseudonym Credible Crypto, is stirring excitement among the cryptocurrency community by suggesting that Bitcoin (BTC) might be on the cusp of recreating its impressive rally from earlier this year. During that surge, Bitcoin recorded remarkable gains of nearly 30% in just one month.
Credible Crypto, who shares insights with a substantial following of 346,700 on the social media platform X, points to Bitcoin’s current price action as reminiscent of the market dynamics observed in June. Back then, Bitcoin made a substantial ascent, starting from a low of around $25,000 and eventually reaching a 2023 high of $31,850.
According to this crypto analyst, Bitcoin is presently in a consolidation phase following its recent rally, mirroring the conditions from about three months ago.
Credible Crypto’s optimism comes in the wake of Bitcoin’s robust performance in the previous week. The analyst points to a particularly encouraging sign: the emergence of a bullish engulfing candle on the weekly chart, which is a technical pattern often interpreted as a potential indicator of an impending uptrend.
Credible Crypto expressed his views on this development, stating, “Weekly has closed. Bullish engulfing candle confirmed, BTC. Remember, it’s not just about this candle in isolation, it’s about the context surrounding this close that makes me so bullish.”
The crypto strategist further emphasizes the significance of this bullish engulfing weekly candle, noting that it carries more weight given that Bitcoin bulls managed to defend a crucial support level. He elaborated, “The bullish engulfing candle in and of itself is not that impressive – it’s when you look at it in context that you realize how significant it is. That is, after four red weekly candles, we STILL failed to break the bullish market structure at $24,800, moved generally sideways, and we now have a bullish weekly engulfing to signal a potential reversal. When you put it all together, it’s much more than just a simple bullish engulfing candle.”
As of the time of this report, Bitcoin is trading at $26,733, leaving crypto enthusiasts and investors eagerly watching to see if Credible Crypto’s predictions will unfold and whether Bitcoin is indeed gearing up for a noteworthy rally reminiscent of its previous impressive gains earlier in 2023.