Crypto Analyst Credible: Bitcoin Needs to Break $94,000 Resistance for Next Leg Up
A well-known crypto strategist, Credible, who has a track record of making accurate Bitcoin predictions, suggests that BTC must surpass a crucial price level to signal the start of a new upward trend.
Key Resistance Level at $94,000
In a recent video shared with his 69,000 YouTube followers, Credible highlights that Bitcoin’s immediate obstacle is at $94,000. He emphasizes that Bitcoin’s bearish momentum is likely to persist until it breaches what he refers to as a “local supply” zone.
“We’re anticipating a formation of a bottoming structure and a shift in market dynamics for a potential reversal to the upside. This reversal would be confirmed once we break above this local supply area at $94,000. What we need to see is a strong upward momentum, indicating the start of the next bullish phase.”
An impulsive rally, as per Elliott Wave theory, typically consists of a five-wave surge, with three waves moving upwards and two corrective waves. Credible’s chart analysis suggests that if Bitcoin successfully surpasses the $94,000 resistance, it could rally towards $104,000.
Heatmap Signals Resistance and Support Levels
While Credible acknowledges the possibility of Bitcoin ending its downtrend after rebounding from $76,000, he points out that the heatmap indicates significant sell orders at $86,000 and strong buying interest below $84,000.
“There’s a clear tug-of-war happening in the market. The current price action suggests that a breakthrough is imminent.”
Current Bitcoin Price
As of now, Bitcoin is trading at $84,374, with traders closely monitoring its movements around the key resistance level at $94,000.
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Image Credits: Midjourney