A pseudonymous crypto analyst said this on Wednesday Bitcoin (CRYPTO:BTC) will undergo another market correction before making a massive move to the upside.
What happened: According to trusted crypto, Bitcoin is likely to drop to at least the mid-$26,000 level while remaining in an overall ascending channel.
“‘Corrective’ structures are typically downward-sloping activities that ‘correct’ or reverse a portion of the prior impulse,” the analyst explains. ‘Impulse’ movements are trending moves that move the price in the direction of the trend.”
The thing is, friends.
“Corrective” structures are generally downward-sloping activities that “correct” or reverse a portion of the prior impulse.
“Impulse” movements are trending moves that move the price in the direction of the trend.
That’s why the subsequent “lateral” correction… pic.twitter.com/P0d5jiEAjo
— Credible Crypto (@CredibleCrypto) September 19, 2023
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why it matters: He notes the importance of sideways corrections after an impulsive move, saying, “The reason why ‘sideways’ corrections are so fast after an impulsive move is because instead of getting a typical retracement, a lack of sellers and strong demand drives prices.” Moves it sideways and down until the next impulse. This is a sign of strength.”
Credible Crypto acknowledges the possibility of a move to the bottom but suggests that extreme volatility and forced sales/liquidations will be necessary to reach that point.
Finally, the analyst predicts that the next move for Bitcoin will be “explosive” regardless of where the correction ultimately ends up, adding, “That is to say, the next move should be explosive regardless of where this correction ends up.” “Whether that’s mid-$26,000 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% over the past 24 hours, according to Benzinga Pro.
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