A Crypto Strategist Expects a Strong Bitcoin Rally
A well-known crypto strategist believes that Bitcoin (BTC) is poised for a significant rally to reach a new two-year high. Credible Crypto, an anonymous analyst, shares on social media platform X that Bitcoin is ready for a bullish reversal.
According to the analyst, BTC’s recent correction to a seven-day low of $42,449 has cleared out overleveraged traders, setting the stage for a potential rally to $55,000. This level was last seen in December 2021.
Credible Crypto points out that if Bitcoin surpasses $44,000, it could trigger a short squeeze. A short squeeze occurs when traders who have borrowed an asset in hopes of selling it at a lower price are forced to buy back the borrowed assets due to market momentum moving against them.
Another Analyst Supports the Rally Outlook
Credible Crypto is not alone in predicting a potential BTC rally above $47,000. Trader Justin Bennett also shares on social media platform X that Bitcoin is currently consolidating within a wide range. He highlights that reclaiming $44,000 could lead to a run at $48,000.
As of now, Bitcoin’s value stands at $43,052.
Hot Take: Bitcoin Gears Up for a Bullish Surge
Multiple analysts are optimistic about Bitcoin’s price movement in the near future. Both Credible Crypto and Justin Bennett foresee the potential for a strong rally if certain key levels are surpassed. With BTC clearing out overleveraged traders and the possibility of triggering a short squeeze, there is growing anticipation for an upward trend.
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