According to trading experts and analysts, Bitcoin (BTC) remains in a precarious position despite its recent upward correction. Technical and fundamental analyses offer insights as volatility persists and investors speculate on the cryptocurrency’s next move.One such analyst, Credible Crypto, known for his accurate and thoughtful assessments of Bitcoin and other cryptocurrencies, recently shared that he’s holding off on publishing a new analysis until clearer signals emerge.Previously, as reported by Finbold, Credible Crypto had celebrated BTC hitting his “downside target” and anticipated a shift toward “full bull gear.” However, since his last analysis, the market dynamics have shifted, and Bitcoin’s path forward remains uncertain.In his recent video, he outlined two possible scenarios for the market. The first involves an aggressive drop to the $49,000 level, followed by a sharp rebound. The second scenario suggests a “boring” phase of further accumulation with reduced volatility before a breakout to the upside, driven by a significant increase in volume.
According to the analyst, the most bullish scenario for Bitcoin involves the formation of a triangle or tightening wedge, which could lead to an earlier breakout than initially expected. This idea was prompted by a suggestion from one of his followers.However, Credible Crypto considers this to be a low-probability outcome, as he leans toward short-term bearish dominance and expects further accumulation before any significant upward movement.
This shift from Credible Crypto’s earlier “full bull gear” analysis serves as a reminder of how quickly things can change in speculative markets. Investors and traders need to remain flexible and adapt their strategies, considering multiple scenarios and planning accordingly.Another notable analyst, Alan Santana, has also adjusted his short-term outlook, cautioning that Bitcoin remains in a bearish six-month downtrend, as reported by Finbold.Meanwhile, OpenAI’s newly launched artificial intelligence model, o1, predicts that BTC will reach $90,000 by the end of 2024—a target echoed by trading expert Cryptorphic, who anticipates Bitcoin reaching $93,000.
