Bitcoin (BTC) may be gearing up for a massive rally, according to prominent crypto strategist Credible. Despite prevailing bearish sentiment, Credible believes that the ongoing bull market for Bitcoin is far from over, with long-term holders (LTHs) playing a crucial role in its upcoming price movements. The analyst suggests that Bitcoin could surge as much as 200%, potentially setting new all-time highs before the bull cycle ends.

Long-Term Holders Turn Buyers Again

Credible, who has garnered a large following for his accurate Bitcoin market calls, points out that long-term holders—defined as entities holding BTC for at least 155 days—are starting to accumulate Bitcoin once more. This comes after a period of aggressive distribution when LTHs sold off their Bitcoin holdings during price pumps, particularly between the $68,000 and $110,000 range.

“It’s been three to four months since the last post I made on long-term holder supply, in which I showed that long-term holders had been net distributing on the rise from $68,000-$110,000 BTC,” Credible explained to his 467,000 followers on X (formerly Twitter). “This distribution almost always occurs during impulsive price action as long-term holders sell into pumps. This is normal/expected in bull markets.”

The selling momentum continued well into March, but as of April, a noticeable shift occurred. Credible states that LTHs have officially begun buying back Bitcoin after months of selling, indicating a shift in market sentiment that could lead to a strong rally.

“For the last seven months, long-term holders sold into the rip. Now, they’re buying the dip,” Credible said, signaling a change in behavior among those who typically hold onto their Bitcoin for the long haul.

Bullish Outlook: 200% Potential Upside

With long-term holders returning to the market, Credible believes that Bitcoin is preparing for its next major price move. He notes that although Bitcoin’s previous bull cycle may have already reached its peak, there is still substantial upside potential.

“On something like BTC, however, the time to buy spot was much, much lower. Sure, we can go higher this cycle, but upside this cycle is relatively limited (and by that I mean 2-3x from current levels) if the top isn’t already in. I don’t believe it is personally,” he explained.

Credible’s target for Bitcoin suggests that it could see an increase of up to 200%, potentially reaching levels far higher than where it is currently trading. For those considering trades, the analyst recommends focusing on Bitcoin’s high-time-frame demand zones between $69,000 and $74,000, although he acknowledges that these levels may or may not materialize.

Short-Term Predictions: Another Leg Up Before a Dip

In the immediate term, Credible sees Bitcoin fueling one more leg up before facing a potential downswing. The analyst suggests that Bitcoin could approach key areas of interest around $86,000 before entering a corrective phase.

“Liquidity taken from the upside and approaching the first area of interest at $86,000+,” he added, indicating that Bitcoin could experience some upward momentum before reaching this critical price point.

At the time of writing, Bitcoin is trading at $87,377, showing signs of resilience despite recent market corrections. While the short-term may bring some volatility, the long-term outlook remains bullish as long-term holders are back in accumulation mode.

What’s Next for Bitcoin?

The return of long-term holders to the market is a key signal for Bitcoin’s price action in the coming months. Historically, this behavior suggests that the cryptocurrency is on the verge of a larger rally, as long-term holders typically buy in anticipation of higher prices over the long run.

If Bitcoin continues to follow this trend and breaks past the short-term resistance levels identified by Credible, it could be poised for a significant rally, possibly reaching new all-time highs before the bull market cycle concludes. However, the path forward may not be without challenges, as Bitcoin may also experience corrective phases along the way.

Final Thoughts: A 200% Rally on the Horizon?

Credible’s analysis suggests that Bitcoin is in the early stages of a powerful rally, fueled by the return of long-term holders and a more bullish market sentiment. While short-term consolidation and volatility may occur, the overall outlook for Bitcoin remains optimistic, with the potential for a 200% price surge in the coming months. Investors and traders will need to watch for key price levels and shifts in long-term holder behavior to gauge whether Bitcoin is truly on the verge of its next big move.

Conclusion: Bitcoin’s Bullish Future

As long-term holders begin accumulating Bitcoin once again, the cryptocurrency appears poised for significant gains. With predictions pointing to a potential 200% rally, Bitcoin’s bull market may still have plenty of room to grow. As the market evolves, traders will need to stay alert to the shifting dynamics and opportunities that could unfold in the coming months.