Bitcoin took a hit after reaching the $69,000 mark on Sunday, according to a prominent crypto analyst. Credible Crypto, a well-known trader with a substantial following on X, has advised caution as he predicts a potential downturn for the popular cryptocurrency.
In a recent tweet, Credible Crypto shared his short-term bearish outlook on Bitcoin, suggesting that the current peak may have been reached. He expects some consolidation before a possible downward trend, with a potential drop to the $61,000 level in the coming week. The analyst also warned that Bitcoin could dip below $49,000 in the near future.
Despite the short-term caution, Credible Crypto remains optimistic about Bitcoin’s long-term prospects. Responding to a user’s query about market manipulation for a future upward trend, he emphasized the strategic defense of current highs to set the stage for a significant breakout. The analyst believes that a surge in spot buyers and short liquidations will lead to a spectacular rally when the time is right.
As of now, Bitcoin is trading at $66,455, reflecting a slight decline of nearly 2% in the past 24 hours. The market remains volatile, with potential fluctuations on the horizon. Investors are advised to stay informed and closely monitor price movements to make informed decisions.
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Remember, the crypto market is unpredictable, so it’s essential to stay informed and make decisions based on thorough research and analysis. Stay tuned for more insights and updates as the crypto landscape continues to evolve.
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