Crypto strategist, who has built a loyal following by making timely Bitcoin predictions, reveals two possible routes that BTC can take to reach new highs.
Credible Crypto, a pseudonymous analyst on social media platform X told his 419.300 followers that he believes Bitcoin’s current market structure was designed to destroy BTC bulls.
The trader believes that BTC bears continue to build large short positions while Bitcoin prints lower highs. Credible thinks that lower highs were a way to cover up BTC bears’ complacency before they became rocket fuel in the short squeeze.
Short squeezes occur when traders borrow assets at certain prices in the hope of selling them for less to pocket the difference, but are then forced to purchase the borrowed assets as the momentum turns against them and triggers further rallies.
Said Credible
“The same mechanism that caused a price draw to the downside in lower timeframes due to a build-up of liquidity is also responsible for a similar pull to the upside when we look at higher timeframes.
The market is preparing for a major break/pump by defending lower highs on each push-up.
A quick, rapid, and green-candle death of the bear when it is the right time …”
The trader seems to be suggesting that BTC may either drop to a new low of around $45,000, or to $55,000 and then rally to $80,000.
Bitcoin was trading at $57,840 as of the time this article is written, a decrease of over 1% for the day.
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The post Bitcoin Bears are Being Fed for Massive Pump by Trader Outlines Possible Price Path may change as new information becomes available.
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