Source: Tom Stepanov – Shutterstock
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- Analyst Credible Crypto predicts a recovery in the Bitcoin price in the short term and predicts a new all-time high for 2021.
- As two analysts note, the fact that the US dollar is currently finding support could be a bearish argument for Bitcoin.
Although Bitcoin has been rejected at the $ 12,000 mark several times, the Market sentiment remains bullish. Analyst and trader Credible Crypto recently released a video stating that the current market is “officially bullish”. During his bitcoin analysis, he expressed optimism and tried to answer the question all investors ask themselves: how strong will be Bitcoin fall before another rally?
At the time of publication, Bitcoin traded at $ 11,595, with a loss of 1.36% in the past 24 hours. In the weekly chart, Bitcoin shows a loss of 1.86%, but in the monthly chart, Bitcoin remains in the green with 21.48%.
Credible Crypto believes that the current market situation is very similar to the 2017 market. Although he made it clear that it is not exactly the same, it is “as close as possible”. Therefore, he expects profits for the major cryptocurrencies. Regarding Bitcoin, the analyst said that it is in a consolidation phase. In addition, he described the current price region as an important level of support.
In answering how low Bitcoin will fall, the analyst said investors should be careful to keep the cryptocurrency in the $ 11,000 range. However, Bitcoin could fall as much as $ 10,500 in what the analyst calls a “buy it now” or “dream long entry” as shown below.
Those: https://www.youtube.com/watch?v=MWkcLDDQFqU&feature=youtu.be
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If Bitcoin stays in the current support area, the analyst believes the price could potentially break the $ 12,000 resistance and move towards a target price of $ 14,000 in the short term. After reaching this level, the Bitcoin price could continue its uptrend, but still be below its all-time high.
The trader believes BTC could hit a price of $ 16,000 to $ 17,000. Near this level, the trader expects another correction before BTC picks up momentum to break the all-time high of $ 20,000. However, the analyst does not expect this new all-time high to be reached until next year. Credible Crypto stated the following:
I think we have some time. I think we won’t hit new highs until 2021. So folks who expect new highs in the next few months, I think it will take a little longer. I think this decline will surprise us very much, but it will be good for us.
Dollar price hike could affect Bitcoin
Other analysts are monitoring the development of the US dollar (DXY). By creating an indirect correlation between the value of the dollar and Bitcoin, analysts are predicting a possible obstacle to Bitcoin’s uptrend. The dollar has moved negatively in the past few weeks after hitting an annual high in March of this year.
At this point, Bitcoin price fell as investors increased their demand for dollars in cash to help mitigate the effects of the pandemic. Analyst Mayne noted with this in mind that the dollar may find support at current levels. The analyst shared the chart below and explained:
$ DXY finally finds support? Keep an eye on this chart, if we get back to that peak, expect $ BTC, $ ETH, $ Gold and $ Silver to continue falling.
Those: https://twitter.com/Tradermayne/status/1296872667216142342/photo/1
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In line with Mayne’s forecast pointed the analyst Yadox pointed to a possible bottoming out for the dollar and a decline in the Bitcoin price. As a result, he took “a lot of profits” in anticipation of what would happen in relation to the development of the dollar in the coming days.
Below is the full video with the analysis of Credible Crypto:
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