Crypto analyst Credibull issues a cautionary note regarding a potential downturn in Bitcoin prices. His analysis points to the third wave of Bitcoin prices finding support at $43K, indicating a forthcoming decline within the $41K to $39K range. This projection follows recent Bitcoin movements that saw the cryptocurrency reaching $45K in a fervent attempt to breach the $50K mark. Credibull acknowledges positive movements in Bitcoin, signaling the completion of a significant impulse in the 30,800 to 39,000 range.
Bitcoin Price Decline on the Horizon: Analyst Sugge
Emphasizing future gains, the analyst identifies a 1-2-3-4-5 wave structure, suggesting a positive trajectory with lucrative entry opportunities. Successful trades, such as going long at $44K, affirm the effectiveness of the analysis.
While foreseeing limited downside for Bitcoin, Credibull anticipates a potential local low before an upward swing. Additionally, he recommends buying altcoins, specifically CRV and AIOZ, highlighting significant opportunities, with the Ocean protocol poised for growth post-consolidation.
However, according to the analysis, the dominance of altcoins over Bitcoin is expected to be short-lived before Bitcoin resumes its rally.
Credibull outlines potential moves for Bitcoin, including an anticipated downturn, reclaiming a range, retesting, and a fifth upward impulse toward $50K. This aligns with the analyst’s positive outlook for Bitcoin, suggesting a higher timeframe range before the next major surge.
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