Bitcoin Price Analysis by Credible

A crypto strategist known for timely Bitcoin calls outlines that BTC must overcome a key price level to indicate a new upward trend.

In a recent video, the pseudonymous analyst Credible discusses with his 69,000 YouTube followers that he is looking at Bitcoin’s immediate resistance at $94,000.

According to Credible, Bitcoin’s current downward trend is likely to continue as long as BTC remains below what he identifies as a “local supply” zone.

> “We’re looking for some sort of a bottoming structure to form here, some sort of a shift in market structure for a potential reversal to the upside. And that gets confirmed once we clear this local supply here (at $94,000).”
>
> “Most importantly is seeing an impulsive move to the upside. Yes, sometimes they can be tricky to spot or identify… So we’re looking for again an impulsive move to the upside, ideally breaking local supply, and that is our indication that we’ve started the next leg to the upside.”

Source: Credible/YouTube

This impulsive rally concept is based on Elliott Wave theory, which suggests that a bullish asset typically experiences a five-wave surge, where the first, third, and fifth waves are upward movements, while the second and fourth are corrective phases.

Examining the trader’s projections, he anticipates that BTC could rise to approximately $104,000 if it surpasses the resistance at $94,000.

While Credible believes ending the current downtrend after recovering from a low of $76,000 is possible, he cautions that Bitcoin’s heatmap reveals significant sell orders around $86,000 and strong demand below $84,000.

>A heatmap tracks existing buy and sell orders on a crypto exchange order book.

> “Something’s gotta give.”

Source: Credible/X

At the time of writing, Bitcoin is trading at $84,374.

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*Generated Image: Midjourney