Bitcoin has failed to permanently breach the $32,000 threshold and investors are worried about further declines. A widely followed crypto analyst says Bitcoin is poised for a historic upward move thanks to a rarely seen indicator. Mysterious crypto commentator said Bitcoin is like a ticking time bomb.

Bitcoin is like a ticking time bomb

The pseudonymous analyst known as Credible Crypto told hundreds of thousands of investors that BTC has moved from a period of record low volatility to a compression phase. In its latest market assessment, Credible pointed to the three-week Bitcoin chart it quoted from TechDev. Here, the compression levels that have marked the beginning of bull markets since 2012 look interesting.

Historical data in crypto does not always repeat, but past experience suggests that these patterns can repeat themselves to a remarkable degree. Credible Crypto wrote:

“Historical compression leads to historical expansion… Imagine looking at this chart and thinking, 'Yes, $10,000 is coming.'

“Bitcoin is a ticking time bomb until the bear disappears.”

Will Bitcoin Rise?

While many BTC bulls have lost confidence due to Bitcoin's uneventful price action, Credible Crypto says that Bitcoin is only consolidating and this should be considered bullish.

“Most investors say, “The mining bullish outlook is so clear, why don't we go up?” says. The bulls do not have the power to push the price higher, which means decline. This is how most investors think.

When the price moves sideways, it means that neither the bears nor the bulls are in control. The consolidation phase by definition represents a neutral period. Buyers and sellers have reached an equilibrium.

9 out of 10 times, consolidation structures resolve in the direction of the trend that preceded them. We have definitely been in a significant uptrend since $15,000. So by default, this consolidation from last month should be expected to unravel to the upside.

I think your default stance on BTC should be bullish unless we start to break down the bullish market structure. “For this to be disrupted, there must be closures on the long-term charts below $24,800.”

Many experts think that the summer months also contribute to the lack of volume and, naturally, the weakening of demand. The "sell and go on holiday" mentality that we have been warning about since April seems to have been accepted this year as well. When the season ends in a few weeks, we will see whether the buyers return to the game or not.

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