Analyst Credible suggests Bitcoin is set to lead a new wave of crypto rallies, indicating a strong price movement aligning with demand. While BTC is trading at $94,182, he warns that altcoins may lag initially but could catch up post-Bitcoin reaching new highs. Investors should exercise caution as the market is volatile.
A prominent analyst has recently shared a bullish outlook for Bitcoin, suggesting that it might be on the verge of leading the next wave of cryptocurrency rallies. Known only as Credible to a following of 467,100 users on the social media platform X, he made his predictions based on current capital flows in Bitcoin, stating that BTC appears well-positioned for an upside movement.
In detail, Credible examined Bitcoin’s recent performance, noting that demand is balancing out with seller pressure around the $90,000 mark. He refers to the cumulative volume delta (CVD), an order flow indicator showing the variance between market buy and sell orders. According to him, recent data presents a “nice impulsive looking move” as the BTC price continues to rise, while the CVD indicator resets, suggesting significant absorption of sell orders in the market.
The analyst expressed confidence in Bitcoin, implying that it may lead the market rallying. Still, he cautions that most altcoins might lag behind as BTC climbs higher. He forecasts that altcoins could start to catch up after Bitcoin achieves a new all-time high.
“Given BTC’s current strength, we might see a breakout that takes it to levels between $125,000 and $135,000 before altcoins like CRV begin their move,” Credible elaborated. He explained that this situation could lead to an ALT/BTC capitulation event, where Bitcoin leads the charge until altcoins catch up.
As of now, Bitcoin is trading at approximately $94,182. It’s worth noting that individuals should tread carefully when making investments in cryptocurrency due to the market’s inherent volatility.
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