• Bitcoin (BTC) is headed for a potentially historic move to the upside according to a rare indicator.
• The crypto analyst known as Credible Crypto has identified a period of record low volatility or compression which could lead to expansion.
• Credible Crypto warns bulls not to lose confidence due to Bitcoin’s uneventful price action, saying that consolidation should be considered bullish.
Signal of Possible Historic Expansion
A widely followed crypto analyst says that Bitcoin (BTC) is gearing up for a historic move to the upside now that a rarely seen indicator has flashed. The pseudonymous analyst known as Credible Crypto tells his 344,900 X followers that BTC is going through a period of record low volatility or a compression phase, which he says will ultimately lead to historic expansion. He shares a chart from fellow crypto analyst TechDev who points out that BTC’s three-week chart is approaching compression levels that previously signaled the start of bull markets since 2012.
While many BTC bulls have lost confidence due to Bitcoin’s uneventful price action, Credible Crypto says Bitcoin is simply consolidating, which should be considered bullish. He advises buyers and sellers have reached an equilibrium and suggests defaulting towards optimism in this situation unless bearish market structure breaks down first.
The expert believes Bitcoin is currently undergoing a ‘compression phase’ which can result in an expansionary breakout if neither bears nor bulls are in control and buyers and sellers reach equilibrium. According to him, 9 out of 10 times such patterns resolve in the direction of the trend prior to entering into this phase – meaning bullish behaviour could follow suit as we saw from early 2020 leading up until present day prices around $24,800 USD at time of writing.
Potential Price Targets
The technical analysis indicates possible targets for further growth if this phase continues with success – including upwards movement back towards all-time highs at around $20k USD and beyond depending on what external factors occur such as increased institutional investment or governmental regulations/policies impacting the market favourably or otherwise. It remains uncertain how much further the price may climb but it appears likely given current conditions that significant gains are ahead for those willing to take risks at these levels with their investments depending on individual risk appetite & portfolio management strategies employed by each trader/investor respectively .
In conclusion, it looks like there may be some interesting times ahead for those investing in cryptocurrency – especially when looking into longer term trends over shorter ones given recent developments & potential breakouts indicated by some indicators such as compressed volatility discussed herein today!