Cred is a popular crypto market analyst and he goes on to say how deep Bitcoin (BTC) correction will go. Particularly, before hitting a new all-time highs.
More so, Cred explains how Bitcoin can decline to below $52,000.
“If we’re gonna dip deeper and weekly market structure is constructive,..”
“where can we reasonably expect a higher low to come into effect?…”
“The answer to that I don’t know, I think it’s somewhere here [$44,000-$52,000].”
So, Cred explains further.
“It also depends on what the leverage market looks like at that point…”
“If you get a big puke, and then funding keeps going positive and leverage keeps buying the…”
“dip as the market moves lower, you can set expectations for a deeper wick.”
Notably, Cred expects support around $56,000 and $58,000 to stand as a strong foot for further bullishness.
“But in terms of trade setups at structure, your nearest setup is a…”
“move below previous week’s low into the 56k to 58k support.”
“That’s your nearest bullish continuation setup at structure to pay attention to.”
So, Cred explains further.
Currently, Bitcoin is trading at around $61,419, according to CoinGecko.
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