A closely watched crypto strategist believes Bitcoin (BTC) is gearing up for a big move higher.
Pseudonymous crypto analyst Credible Crypto tells his 354,100 followers on social media platform
According to the trader, Bitcoin has been crawl for about a month now, but notes that the gradual rise is a harbinger of a breakout rally.
“I have no doubt that the break from this vertical accumulation will be explosive. The only question that remains is when it will explode. If so, I don’t think we’ll stop at $40,000 either. Bitcoin crawls now so it can sprint later.”
Credible Crypto previously said it thinks Bitcoin is likely to repeat its rally during the early stages of the 2020 bull market, when BTC rose from $14,000 to $60,000 in a matter of months.
In the short term, however, the analyst says Bitcoin’s next move is uncertain as both BTC bulls and bears are taking a leveraged position at an immediate support level.
“I have no guiding preference here in the short term. Until now I was looking for a move to this level to be able to withstand long liquidations. Now we have reached a significant level of demand/support with both longs and shorts taking positions here. Volatility is coming, but it could take the form of *either* a long or short squeeze.”
Looking at the trader’s chart, he seems to predict that BTC is likely to regain its bullish momentum if it manages to break above $37,700.
Bitcoin is trading at $37,238 at the time of writing.
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Generated image: Midjourney