A Crypto Analyst Believes Bitcoin’s Bullish Move is Far from Over
A popular analyst in the crypto space suggests that Bitcoin (BTC) still has a long way to go, despite already seeing a 17% surge since the beginning of December. Credible Crypto, a trader with a large following on social media platform X, asserts that the current rally is not overheated and will continue until all the bears are eliminated.
To support this bullish outlook, Credible Crypto examines the behavior of BTC traders in both spot and futures markets. The trader observes that spot market buyers are accumulating during price dips, while Bitcoin’s open interest (OI) is decreasing with each rally. OI measures the amount of leveraged long and short positions on BTC.
Credible Crypto notes that the recent drop in OI indicates that traders who took short positions on BTC were wiped out after the price surged above $44,000. The trader believes that Bitcoin now has enough momentum to easily break through resistance levels.
Bitcoin is currently trading at $43,928, experiencing a 4% increase in the past day.
Hot Take: The Bullish Momentum Continues for Bitcoin
A well-known crypto analyst argues that Bitcoin’s rally is far from over and dismisses claims of overheating. By analyzing the activities of BTC traders and observing a drop in open interest, the analyst suggests that short traders have been squeezed out. With Bitcoin’s current momentum, it is expected to overcome resistance levels quickly. As of now, Bitcoin is trading at $43,928 and continues to show bullish signs.
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