A Crypto Strategist Predicts Bitcoin’s Rally to $60,000
A popular crypto trader, known as Credible Crypto, is suggesting that Bitcoin (BTC) is on the verge of repeating its parabolic rally from 2020 to 2021. Credible Crypto shares a chart on social media platform X, indicating that BTC is following a pattern seen in previous years when it surged from $13,000 to $60,000 and from $4,000 to $14,000.
According to the analyst’s chart, it is predicted that Bitcoin will surpass $42,500 by December 11th.
Credible Crypto also considers other data sources to support his bullish outlook. He mentions that Bitcoin’s open interest (OI), which tracks outstanding futures and options contracts, indicates that highly leveraged traders have been eliminated. Furthermore, spot Bitcoin traders are accumulating during dips.
Currently, BTC is trading at $37,239.
Hot Take: Bitcoin Poised for a Strong Rally
A crypto strategist believes that Bitcoin is on the brink of repeating its previous parabolic rally and surging to $60,000. The analyst shares a chart that shows Bitcoin mimicking patterns from the past, indicating a potential rally to come. Additionally, data sources such as open interest and spot trading activity support the bullish outlook. With leveraged traders being flushed out and spot buyers accumulating during dips, the market is showing signs of strength. If these indicators hold true, Bitcoin could see a significant surge in the near future.
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