Credible Crypto: Bitcoin will fall to $ 53,000

A well-known cryptocurrency analyst known as Credible Crypto said he was able to formulate a final target price for bitcoin BTC $65,438.70 Bitcoin -0.36% Market capitalization $1.29 trillion VOL. 24 hours $0.6 billion , which could be the low before a new uptrend begins. On his page on the X platform, the expert shared his forecast that the market leader may initially show a short-term increase before falling again.

According to him, the final bottom for bitcoin is expected to be just below the $ 55,000 range, and possibly even in the $ 53,000-$ 54,000 range.

Credible Crypto notes that the market currently needs a short-term recovery before continuing to fall to the predicted level. He also emphasized that a further drop could be an important step towards the formation of a sustainable macroeconomic low.

The analyst notes that in case of growth, we can expect prices for other cryptocurrencies to rise, which was the reason for his decision to take profits on short positions. The chart above shows that bitcoin could trade around $ 50,000 for several weeks before starting a parabolic rise to new record highs.