A cryptocurrency strategist who has been gaining popularity for making accurate Bitcoin predictions is discussing two possible scenarios that could lead BTC to new all-time highs.
Credible Crypto, a trader known for his insights on social media platform X, believes that Bitcoin’s market structure is currently setting up a situation that could crush BTC bears. He notes that as Bitcoin continues to form lower highs, bears are accumulating liquidity by taking large short positions. Credible Crypto suggests that these lower highs are actually a strategic move to make bears feel comfortable before their positions turn into fuel for short squeezes.
For those unfamiliar, a short squeeze occurs when traders who have borrowed an asset at a certain price in anticipation of selling it for a lower price are forced to buy back the asset as the price moves against them, leading to a rapid price increase.
Credible Crypto explains, “In the same way we identified a draw on price to the downside on lower timeframes because of a build of liquidity, we also have the exact same mechanic drawing us to the upside on higher timeframes. Repeated marginal lower highs, these lower highs being defended on every push up – liquidity being engineered for, eventually, a massive break/pump. Basically fattening the bears up for slaughter in one, swift, green candle of bear death when the time is right…”
By analyzing the trader’s chart, it appears that Bitcoin could potentially drop to new lows around $45,000 or fall to $55,000 before making a significant rally to $80,000 and beyond. As of the time of writing, Bitcoin is currently trading at $57,840, experiencing a slight decrease of over 1% for the day.
To stay updated on the latest cryptocurrency news and price movements, readers are encouraged to subscribe to email alerts and follow platforms like X, Facebook, and Telegram. The insights provided by Credible Crypto offer valuable information for traders and enthusiasts looking to navigate the volatile cryptocurrency market.
In conclusion, the cryptocurrency market continues to be an exciting and unpredictable space, with Bitcoin’s price movements closely watched by traders and investors worldwide. Credible Crypto’s analysis provides valuable insights into potential future trends, guiding individuals in making informed decisions in the ever-changing world of digital assets.