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Crypto Analyst Says Hidden Signal in Bitcoin Chart Will Push BTC to All-Time Highs As Bears Get Left Behind

A preferred crypto strategist says that an neglected sign in Bitcoin’s longer-term chart is hinting {that a} new leg of the bull market will take BTC to recent all-time highs.

The pseudonymous dealer often known as Credible tells his 317,000 Twitter followers that he’s trying on the three-week candles of BTC and sees a divergence between price motion and momentum indicator relative power index (RSI), suggesting that huge, long-term rallies are brewing.

“Let’s do it again. As long as price continues to close above $34,000 on the [three-week] timeframe, this hidden bullish divergence is likely to play out and send us to new all-time highs (ATH). BTC.”

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Source: Credible Crypto/Twitter

Even although Bitcoin’s 50% correction from $69,000 is critical, Credible says that BTC in the end by no means fashioned a decrease low, holding its bullish market construction in the upper timeframes intact.

“Not sure how this can be bearish when the last time we were at $30,000 we rallied to new ATH, and this time we haven’t even made a lower low yet. Simple market structure.”

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Source: Credible Crypto/Twitter

Zooming in on the decrease timeframes, the intently tracked analyst says that out of all of the probably situations, BTC is doubtlessly forming a triangle backside sample.

Credible says we should always have affirmation of a bullish reversal throughout the subsequent couple of days after BTC surpasses $42,500, placing $45,000 in play as the following goal.

“An update to this idea – daily demand held and if we are seeing Option 1 play out – the triangle structure may now actually already be complete. If this is the case, it will become VERY clear in the next couple days. Starting with a break of $42,500 and $45,000 shortly after.”

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Source: Credible Crypto/Twitter

Bitcoin is at present exchanging fingers for $40,905.

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Featured Image: Shutterstock/Sensvector/lassedesignen

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