Bitcoin Analyst Predicts Up to 200% Rally as Long-Term Holders Accumulate Again

Analyst Credible believes Bitcoin’s bull market isn’t over, with long-term holders now accumulating BTC after a selling phase. He predicts potential price rallies and advises caution regarding limited upside potential, suggesting ideal trading ranges and anticipating market corrections soon.

A prominent crypto analyst, known as Credible, maintains a positive outlook on Bitcoin’s future despite current bearish trends. He observes that long-term holders (LTHs)—individuals or entities that retain Bitcoin for over 155 days—are beginning to accumulate BTC after previously selling off assets for months. This shift has been noted following a significant distribution phase when long-term holders sold into Bitcoin’s price increase from $68,000 to $110,000.

Credible points out that this sell-off is typical of bullish markets, rarely ceasing until selling slows down, particularly around price peaks. As of April, the trend appears to have reversed, with LTHs actively buying back into Bitcoin, taking advantage of the market correction. He suggests that a potential rally could push Bitcoin to previous all-time highs before concluding the current bull cycle.

The analyst cautions, however, that while the upside remains, it may be limited to a 2-3x return from present levels. The optimal risk/reward ratio for trades would arise if Bitcoin prices reach between $69,000 and $74,000. In the immediate term, Credible anticipates one final upward movement in Bitcoin’s price before a subsequent downturn, with interest expected at approximately $86,000 or higher. Currently, Bitcoin is valued at around $87,377, indicating it remains closely watched by investors as it continues to navigate price fluctuations.