Why Bitcoin Will See One Last Dip Before Making 'Explosive' Move: Crypto Analyst Explains

A pseudonymous crypto analyst on Wednesday said that Bitcoin BTC/USD will undergo one more market correction before making a massive move to the upside. 

What Happened: According to Credible Crypto, Bitcoin will likely dip down to at least the mid-$26,000 level while remaining in an overall upward channel.

The analyst explains, “‘Corrective’ structures are typically downward sloping movements that ‘correct’ or retrace a portion of the prior impulse. ‘Impulse’ movements are trending moves that advance price in the direction of the trend.” 

Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga's Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won't just be a passive spectator. Don't let this chance slip away – secure early bird discounted tickets now!

See More: A Stay At The Floating Palace From James Bond's ‘Octopussy

Why It Matters: He further notes the significance of sideways corrections after an impulsive move, stating, “This is why ‘sideways’ corrections after an impulsive move are so bullish because rather than getting a typical retracement, a lack of sellers and strong demand just moves price sideways rather than down until the next impulse. This is a sign of strength.”

Credible Crypto acknowledges the possibility of a move down to a lower level but suggests that extreme volatility and forced selling/liquidations would be necessary to reach that point.

In conclusion, the analyst anticipates that the next move up for Bitcoin will be “explosive,” regardless of where the correction ultimately ends, stating, “All this is to say that the next move up should be explosive regardless of where this correction ends, whether that be in the mid-$26,000’s or lower (if we manage to get some quick liquidations).”

Price Action: At the time of writing, BTC was trading at $26,730, down 1.41% in the last 24 hours, according to Benzinga Pro.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?