CryptoNews Report:
A highly regarded cryptocurrency analyst and trader expressed optimism about Bitcoin, even after its breakthrough of the psychological level of $60,000.
The analyst, known as “Credible Cryptocurrency,” informed his 402,400 followers on the social media platform X that he believes the bullish structure of Bitcoin remains intact. According to him, despite recent pullbacks, Bitcoin is poised for long-term gains and could see a significant rebound following its current correction. However, Credible cautioned that Bitcoin may need some time before witnessing the beginning of a new uptrend.
“In my view, spot buyers need not worry too much—technically speaking, we can see sharp declines on higher timeframes without compromising the bullish structure on higher timeframes, and following this adjustment, our next major rally could reach $100,000.”
“That said, if you plan to buy on the dip, you might need to stay underwater for a while.”
At the time of writing, Bitcoin was trading at $56,319, suggesting an upside potential of nearly 80% if it reaches the analyst’s target. Nevertheless, Credible warned that the current correction could gather more momentum as public interest rates rise.
Open interest refers to the total number of unsettled contracts, and the increasing figures indicate traders leveraging positions in BTC.
The analyst pointed out that high levels of open interest, coupled with Bitcoin holders unloading their coins in the spot market, have contributed to a more sustained downtrend in Bitcoin prices.
“In my view, a short squeeze is just a matter of time, but the situation could worsen before improving, as long as new bulls continue to enter against selling pressure driven by the spot market.”
Source: Credible Cryptocurrency / X
Regarding altcoins, Credible Cryptocurrency stated, “If BTC continues to decline, Altcoins are likely to take a hit—likewise, some Altcoins are in or completing major distributions, so these Altcoins may be affected and continue bleeding afterward, while others have barely risen from their lows and could be impacted. However, in my opinion, one shouldn’t worry too much about them as they don’t offer much profit to return.”
Don’t miss a beat—subscribe for email alerts directly to your inbox to check price actions on X, Facebook, and Telegram as we surf The Daily Hodl Mix