Pseudonymous analyst Credible Crypto tells his 353,400 followers on the social media platform X that Bitcoin is currently in a large re-accumulation zone which covers price levels between $38,000 and $34,800.
“We worked with this same range in one of my recent video updates where I was calling for a move to the range lows from the highs at $38,000. That move down ended with the wick at $35,500 which is in the blue circle below.
That region that we bounced from was a key level of demand that was formed by a deviation below the range lows.
If this entire consolidation is a larger accumulation range, that demand zone should hold.
This is why a wick below the lows at $35,500 is fine as long as the higher timeframe demand zone isn’t breached.”
Source: Credible Crypto/X
Fellow analyst Kaleo is also bullish on Bitcoin following the recent corrective move. The trader shares a chart with his 605,900 followers on X that also shows BTC rallying to $40,000.
“And there’s your dip. Blood is for buying.”
At time of writing, Bitcoin is trading for $36,113.
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The post Crypto Strategist Predicts Swift Bounce for Bitcoin, Says BTC in Accumulation Range Before Next Rally appeared first on The Daily Hodl .