A crypto strategist who continues to build a following with timely Bitcoin calls reveals two paths BTC could take on its way to new all-time highs.
Pseudonymous analyst Credible Crypto tells his 419,300 followers on social media platform X that he thinks Bitcoin’s market structure is being set up to destroy BTC bears.
According to the trader, BTC bears are piling on liquidity by building large short positions as Bitcoin continues to push lower highs. Credible believes the lower highs are a cover to make BTC bears complacent before their positions become rocket fuel for short squeezes.
A short squeeze occurs when traders who borrow assets at a certain price in the hope of selling them at a lower price to pocket the difference are forced to buy back the borrowed assets when momentum turns against them. triggering further rallies.
Says credibly,
“In the same way that we have seen a price pull to the downside on lower time frames due to an increase in liquidity, we also have the exact same mechanism pulling us up on higher time frames.
Repeated marginal lower highs, defending these lower highs on each rise – the liquidity was developed for an eventual massive breakout/pump.
Basically fattening the bears for slaughter in one quick, green candle of bear death when the time is right…’
Looking at the trader’s chart, he seems to suggest that BTC could either fall to a new low around $45,000 or drop to $55,000 before rising again to $80,000 and higher.
At the time of writing, Bitcoin is trading at $57,840, down more than 1% on the day.
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Generated image: Midjourney