A widely followed cryptocurrency analyst and trader expresses bullish sentiment on Bitcoin even after BTC breached the psychological $60,000 level.
The analyst, pseudonymously known as Credible Crypto tells his 402,400 followers on social media platform X that he believes the Bitcoin bull market structure remains intact.
According to the analyst, despite the retracement, Bitcoin is still bullish in the long term and BTC could see big rallies after the ongoing correction. But Credible notes that it will take Bitcoin some time before BTC witnesses the start of a new uptrend.
“Spot buyers don’t have to worry too much about this in my opinion – according to previous updates we can technically fall a lot lower on the high time frame without negating the bullish structure of the higher time frame, and what comes after this correction is our next big leg to $100,000.
That said, if you’re going to buy something along the way, you should be okay with being underwater for a while.”
At the time of writing, Bitcoin is trading at $56,319, indicating an upside potential of almost 80% if BTC meets the analyst’s target.
However, Credible warns that the current correction could gain more momentum amid rising open interest.
Open interest refers to the total number of unsettled contracts, with an increasing number indicating traders are using leverage to gain exposure to BTC.
The analyst notes that high levels of open interest, coupled with Bitcoin holders releasing their coins into the spot market, is a recipe for a more sustained BTC downtrend.
“A short squeeze is a matter of time in my view, but as long as new longs continue to pile on the way down in the face of a spot-driven sell-off, things will likely get worse before they get better.”
About altcoins, Credible Crypto says:
“Altcoins will likely get hit if BTC continues lower – again some altcoins are in major distribution or completing so these could get hit and then continue to bleed, while others have barely risen from their lows will likely get hit as well , but in my opinion you should worry less about that because they don’t have much to give back in terms of profit.”
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Generated image: Midjourney
