Analyst Bullish on Bitcoin’s Run: More Gains Ahead
A prominent analyst, well-followed in the cryptocurrency space, shared an optimistic perspective on Bitcoin's current momentum.
Despite a notable 17% surge since the beginning of December, the analyst believes there’s further potential for growth.
The analyst suggested that Bitcoin’s recent climb to a 2023 high of around $44,313 doesn’t signal an overheated market.
People keep trying to time the top with shorts and/or profit taking because they believe this rally is "overheated".
Guys, look at the data. There is literally nothing "overheated" about this rally.
We simply keep sending it till every last bear is dead.$BTC https://t.co/z54AMCpq4E
— CrediBULL Crypto (@CredibleCrypto) December 5, 2023
Rather than viewing the rally as a peak, they argued that the data indicates a sustained and steady ascent, defying assumptions of excessive heat in the market.
This positive sentiment is bolstered by an analysis of trader behavior across both spot and futures markets.
Observations reveal consistent accumulation during market dips by spot market participants, while Bitcoin’s open interest (OI) declines with each surge—a trend that suggests traders with short positions faced significant losses post the rally above $44,000.
READ MORE: Moody’s Downgrades China’s Economy Amid Property Trouble
An assessment of this decline in OI indicates a trend of shorts being squeezed out during the recent surge. Alongside this observation, the funding aspect remains robust, indicating that the current upward momentum for Bitcoin isn’t showing signs of tapering off anytime soon.
The analyst firmly asserts that Bitcoin’s potential to surpass resistance levels is substantial, citing the ease with which it surged past the $40,000 mark. They anticipate a swift breach of what are considered ‘major resistance levels.’
As of the latest update, Bitcoin is trading at $43,928, showcasing a more than 4% increase in value within the past 24 hours.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
