A crypto strategist who continues to build a following with timely Bitcoin calls is unveiling two roads that BTC could take en route to new all-time highs.
Pseudonymous analyst Credible Crypto tells his 419,300 followers on the social media platform X that he thinks Bitcoin’s market structure is being set up to annihilate BTC bears.
According to the trader, BTC bears are piling up liquidity by building large short positions as Bitcoin continues to print lower highs. Credible believes that the lower highs are a guise to make BTC bears complacent before their positions become rocket fuel for short squeezes.
A short squeeze happens when traders who borrow an asset at a certain price in hopes of selling it for lower to pocket the difference are forced to buy back the assets they borrowed as momentum moves against them, triggering further rallies.
Says Credible,
“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…”
Looking at the trader’s chart, he seems to suggest that BTC could either fall to new lows at around $45,000 or drop to $55,000 before rallying to $80,000 and beyond.
At time of writing, Bitcoin is trading for $57,840, down over 1% on the day.
Generated Image: Midjourney