Bitcoin's Bullish Future: Analyst Predicts 80% Rally After Correction, But Here's The Catch

Credible Crypto, a renowned cryptocurrency analyst, forecasts an approximately 80% surge for Bitcoin BTC/USD following the current correction phase. However, he cautions about a possible intensification in the correction’s momentum.

What Happened: In a post on X last week, the analyst said he remains optimistic about Bitcoin’s long-term future. Despite the cryptocurrency surpassing the $60,000 mark, he asserts that the bull-market structure remains unscathed.

Credible Crypto anticipates that Bitcoin could experience substantial rallies after the correction, but a new uptrend might take some time to commence.

He stated, "Spot buyers don't have to be too worried here in my opinion – as per prior updates, we can technically fall a lot lower on the high time frame without invalidating the higher time frame bullish structure, and what comes after this correction is our next major leg to $100,000.”

Stopped out of my longs overnight- gave back a lot of my recent gains but it is what it is.

We haven't yet hit the 56k lows (just above them now) but it seems like those lows will be taken sooner or later and that officially opens the door to the 53k region as the next major… pic.twitter.com/A22H7wTO8Q

— CrediBULL Crypto (@CredibleCrypto) July 4, 2024

At the time of writing, Bitcoin was trading at $56,826.62, suggesting a potential upside of nearly 80% if it reaches the analyst’s target.

Also Read: Anthony Scaramucci Says Crypto Will Soar If This Presidential Candidate Wins The Election: ‘I Think We’ll See All-Time Highs For Bitcoin And Other Assets’

However, he also cautioned about a potential increase in the correction’s momentum due to rising levels of open interest, which refers to the total number of unsettled contracts. High levels of open interest, along with Bitcoin holders selling their coins on the spot market, could result in a more prolonged BTC downtrend, according to the analyst.

“If you are going to be buying on the way down you need to be OK with being underwater for a bit. If you don’t think you can do that, wait for number 1 above to play out before dipping your toes in. With that being said, I will see you all soon on the other side,” he added.

Why It Matters: This prediction comes in the wake of another crypto analyst, Rekt Capital, warning about a potential further correction for Bitcoin.

Last week, the Rekt Capital speculated that Bitcoin could correct to much lower levels, potentially dropping to $55,000.

This forecast aligns with Credible Crypto’s warning about a possible increase in the correction’s momentum, further emphasizing the volatile nature of the cryptocurrency market.

Now Read: Analyst Predicts Bitcoin To Reach Groundbreaking $100,000 Milestone

Photo: Shutterstock