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Bitcoin (BTC) starts rally towards $100,000, analyst says

  • The Bitcoin Trader “Credible Crypto” predicts a new rally for Bitcoin (BTC) according to the 900-day correction that just finished.
  • Analyst calls the period since the fall of Bitcoin from its all-time high a “massive re-accumulation phase”. 

The analyst and operator Credible Crypto has made a bullish prediction for Bitcoin. After Wall Street giant Goldman Sachs advised its clients not to invest in Bitcoin, the cryptocurrency rose from $9,000 to $9,600 temporarily in less than 24 hours. In the last few hours, BTC’s price has fallen slightly to $9,418, but it has made a 0.87% gain in the last day.

Beginning of the rally to $100,000 for Bitcoin

According to Credible Crypto the last 900 days, since the drop in Bitcoin’s price from its all-time high, is part of a phase that is coming to an end. The analyst called this phase “massive re-accumulation” and it is part of a consolidation structure that is breaking down, as can be seen in the graph below. Bitcoin will enter a massive rally according to the analyst:

The last 896 days were simply one massive re-accumulation phase before the run to 100k+ #bitcoin, and the consolidation structure will soon be broken. Are you prepared?

Bitcoin BTC

Source: https://twitter.com/CredibleCrypto/status/1266273764490145799

On the other hand, he expects altcoins such as Ethereum, Ripple and Litecoin to experience a downward trend. Altcoins will follow Bitcoin, once BTC managed to break the all-time high:

(…) a proper alt season will come once BTC breaks ATH and it will be glorious In the meantime the mini alt seasons will have to suffice.

However, according to a previous analysis the trader expects new all-time highs by 2021. Credible Crypto’s prediction is in line with other bullish predictions that see Bitcoin surpassing its all-time high next year. Bitcoin bull and investor Mike Novogratz expects the BTC price to return to double digits before the end of the year. This is largely due to the inflationary policy of the U.S. Federal Reserve.

This has become a catalyst to attract the attention of legendary investors such as Paul Tudor Jones and institutions such as Grayscale. The investment firm has bought more than 18,900 BTCs, increasing its reserves by nearly 150% since the Bitcoin halving. To put this in perspective, about 12,337 BTCs have been mined since the halving.

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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