Bitcoin May Surge 33% to $140,000 in Bullish Scenario

An analyst known for making timely Bitcoin calls has outlined what he believes is the most bullish scenario for BTC as the crypto king struggles to sustain a rally above $110,000. In a new strategy session, pseudonymous analyst Credible tells his 70,100 YouTube subscribers that he thinks Bitcoin will not retest a key psychological level as support if BTC is in the midst of an aggressive uptrend.

“If we are in the most bullish scenario, then we will not take these lows [at $100,000]. We’ll simply find buyers above these lows, will front run them and we’ll continue higher.”

However, the trader notes that even in the most bullish case, he expects BTC to witness a different kind of correction, one defined by time rather than price. “These corrective structures can drag out as we well know by now, and they take a lot of different shapes and forms, but at the end of the day what we have here is some combination of corrective, choppy price action before the next impulse starts.”

And so even if we make marginal higher highs, but if we’re not moving up with momentum, then we can pull back down and just chop around for a bit longer. I’d like the green zone to be tapped ideally. And in the most bullish case, that’s as low as we go. Whether we take the highs or not, it doesn’t matter. And then we just get more chop and then we erupt again impulsively.”

Looking at the trader’s chart, he seems to predict that BTC will surge to $140,000 in his most bullish scenario. At the time of writing, Bitcoin is trading for $105,226.

According to the analyst's forecast, Bitcoin is expected to experience a shallow pullback before continuing its upward trajectory to fresh record highs. This prediction is based on the analyst's belief that Bitcoin will not retest a key psychological level as support if it is in the midst of an aggressive uptrend. Instead, the analyst expects Bitcoin to find buyers above these lows and continue higher. However, even in the most bullish case, the analyst expects Bitcoin to witness a different kind of correction, one defined by time rather than price. This corrective structure can drag out and take on different shapes and forms, but at the end of the day, it is a combination of corrective, choppy price action before the next impulse starts. Even if Bitcoin makes marginal higher highs, if it is not moving up with momentum, it can pull back down and just chop around for a bit longer. The analyst's chart seems to predict that Bitcoin will surge to $140,000 in his most bullish scenario. At the time of writing, Bitcoin is trading for $105,226.