A popular crypto analyst says that Bitcoin (BTC) has recently hit its bottom and the trend is starting to reverse. The successful anonymous analyst, whose username is Credible, told his 326,900 Twitter followers that Bitcoin has now started its upward move from an important support level.
Credible also states that Bitcoin will not fall to the level of $ 30,000 again, and the support of $ 40,000 will not be lost easily.
Seeing the $42,000 – $43,000 range as the weekly retest zone, Credible seems to have correctly predicted that Bitcoin will rise to these levels.
The anonymous analyst, who believes that the leading crypto money will exhibit much more bullish movements after it passes this resistance zone in volume, thinks that the rises will accelerate.
The popular analyst, who conveyed to his followers that the first target of Bitcoin was $ 48,500 after the break of the range of $ 42,000 - $ 43,000, believes that the leading crypto money will overcome this resistance point this time.
In the past, BTC was rejected from this resistance point and fell again to the level of $ 38,500. Although Credible says that $48,500 will be exceeded this time, he does not believe that BTC will exceed $ 50,500 in the short term.
The fact that Bitcoin passes $ 50,500 seems to mean that the crypto market will start a new bull season.
Bitcoin price rises above $42,000
Bitcoin price started a fresh increase above $41,500 after a short-term decline. BTC broke above the $42,000 level and traded at a new weekly high. The closest resistance is near the $42,500 level. The next key resistance could be near $43,200, above which the price could test $45,000. If there is a downside correction, the price might find support near $41,800. The next major support is near $41,500, below which the price could test $41,200.