Bitcoin Poised to Repeat June 2023 Rally After Strong Weekly Close, Trader Says - Bullish Outlook Explained

According to one crypto strategist, Bitcoin (BTC) is preparing to replicate its powerful mid-year rally when the flagship crypto surged nearly 30% in around one month. The analyst believes Bitcoin's weekly close has set the stage for the top cryptocurrency to mirror its bull run from June 2023.

Pseudonymous analyst Credible Crypto tells his 346,700 followers that Bitcoin's current price action mirrors its market structure in June, when BTC rallied from around $25,000 to its 2023 high of $31,850.

According to the popular trader, Bitcoin is likely consolidating after its latest surge, similar to the consolidation period about three months ago. Credible Crypto explains to his large audience on social media platform X that Bitcoin's consolidation then preceded a powerful uptrend. He believes history may be repeating, with BTC poised to rally again after its period of range-bound trading.

Credible Crypto's bullish prediction follows Bitcoin's solid performance last week. The analyst points out BTC printed a bullish engulfing candle, a technical pattern potentially signaling the beginning of an uptrend.

"The weekly candle has closed. A bullish engulfing candle is confirmed for BTC," tweeted Credible Crypto. "It's not just this candle in isolation that makes me so bullish, but the surrounding context of this close."

The trader explains to his large following that the bullish engulfing candle, combined with Bitcoin's overall market structure, leads him to believe a sustained rally may be ahead, similar to the powerful surge seen in June.

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The crypto strategist further highlights the importance of Bitcoin's bullish weekly candle. Credible Crypto explains the candle carries more weight after BTC bulls successfully defended a crucial support level.

"The bullish engulfing candle alone is not that impressive – it’s the context that shows its significance," the analyst tweeted. "After four red weekly candles, we STILL failed to break the bullish market structure at $24,800, traded sideways, and now have a bullish weekly engulfing signaling potential reversal.

When you consider the full picture, it’s much more than a simple bullish candle."

Credible Crypto tells his followers that Bitcoin holding above key support before printing the bullish candle greatly increases its implications. At the time of writing, BTC is trading at $26,733.

Sep 19, 2023