An analyst who continues to build a following with his timely Bitcoin calls believes rallies are in sight for the crypto king as the market holds its breath ahead of a possible approval of the BTC Exchange Traded Fund (ETF) this week.
Pseudonymous analyst Credible Crypto tells his 363,800 followers on social media platform X that Bitcoin is showing bullish signals in both the spot and futures markets.
According to the analyst, Bitcoin appears ripe for a surge as the way appears to be cleared for the US Securities and Exchange Commission (SEC) to approve several spot-based BTC ETF applications in the coming days.
“Nothing will change in BTC and it can’t get cleaner than this. Now ignore the short time frame on the sub-daily time frames and zoom out a bit. The picture is clear:
1. Price makes higher lows and higher highs in a tight consolidation with
2. Open interest at the lowest levels of the entire consolidation and
3. [Perpetual futures] basis is reversed negative to indicate spot trading at a premium
4. Funding has been completely reset.
All this to say that we are literally as de-frothy as possible as leveraged players have been wiped out, funding is at baseline, and markets have been led to what may be the most bullish fundamental catalyst in recent years.
Don’t make it too complicated: the number will increase. BTC.”
Looking at Bitcoin’s potential price action in the near term, Credible Crypto thinks BTC could see another dip before breaking out of its low $45,500 range.
“$40,000 remains untouched, the $38,000 gap remains unfilled, and I expect it will remain that way.
Ideally, we get some form of shock consolidation leading to the approval of the ETF and then we launch it.
If we release $45,500 with conviction at any point, we may not see the dip.”
At the time of writing, Bitcoin is worth $44,156.
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Generated image: Midjourney