A widely followed crypto analyst is warning that Bitcoin (BTC) may be heading lower after tapping the $69,000 level on Sunday.
Pseudonymous crypto trader Credible Crypto tells his 431,100 followers on the social media platform X that he is turning short-term bearish on Bitcoin.
“I think our top is probably now in on BTC. Here’s what I think makes the most sense on lower timeframes. A bit more chopping about before we are ready to continue down ideally…
Going well so far, a bounce from this region would be ideal. Bait in a some final longs before the rug pull.”
Looking at his chart, the analyst suggests that Bitcoin may make one more run to the $68,000 level, face rejection and collapse to the $61,000 level by next week.
The analyst is warning that Bitcoin may correct below $49,000.
“Still expecting sub $49,000. That $58,000-$61,000 is just the last stand for bulls if they want to avoid that.”
However, the analyst expresses long-term bullish sentiment in response to an X user asking him if “liquidity is being engineered to the upside for a bigger move down the road in a few weeks (after we sweep lows)?”
“Yes. That’s why the highs are being defended and why we get so close each time but fail. Those highs are being ‘saved’ for the real breakout so that when it happens it’s aggressive and there’s no looking back. A cascade of short liquidations with spot buyers relentlessly bidding. When the time is right it will be spectacular.”
Bitcoin is trading for $66,455 at time of writing, down nearly 2% in the last 24 hours.
Generated Image: Midjourney