A Crypto Analyst Predicts Another Rally for Bitcoin
A well-known crypto analyst suggests that Bitcoin (BTC) may lure in bullish investors with another upward surge before experiencing a retracement. In a recent strategy session, the trader known as Credible Crypto shares on social media that he wouldn’t be surprised if Bitcoin sees another rally before undergoing a correction.
In a video update, Credible Crypto explains that traders should pay attention to upward movements in BTC that are not caused by short squeezes. He believes that recent price surges to $38,000 were the result of short squeezes, which have now concluded, setting the stage for an upcoming dip.
According to the analyst, BTC is likely to lose momentum and decline as long-position traders panic and liquidate their positions. He points out that rising open interest from previous lows has historically led to downward pressure on the cryptocurrency’s price.
As of now, Bitcoin is trading at $37,752, with a slight decrease in the last 24 hours.
Hot Take: Will Bitcoin Trick Bulls Before Retracing?
A prominent crypto analyst predicts another rally for Bitcoin before it experiences a retracement. Credible Crypto suggests that BTC may entice bullish investors with an upward surge before reversing its course. The analyst highlights the importance of spotting genuine upward moves driven by spot trading rather than short squeezes. He believes that recent price increases resulted from short squeezes and expects a forthcoming dip in BTC’s price. Credible Crypto also anticipates long-position traders panicking and selling off their holdings, causing a further decline in Bitcoin’s value. Currently trading at $37,752, Bitcoin awaits its next move.
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