Bitcoin’s $50K Sprint: Insights from Credible Crypto
A market analyst, gaining traction for accurate Bitcoin (BTC) predictions, suggests a potential surge towards $50,000 on the horizon.
Credible Crypto scrutinizes Bitcoin’s spot and derivatives market data following its recent climb to $44,700, foreseeing a sustained uptrend.
Let's take a look at some data on $BTC:
Recent pop was a short squeeze- this is the same playbook we have seen for this entire rally- spot limit absorption followed by a short squeeze, rinse and repea all the way up.
So OI is now actually BELOW the "new baseline" which is very… pic.twitter.com/ACTYcDMxud
— CrediBULL Crypto (@CredibleCrypto) December 8, 2023
Credible Crypto notes that the recent surge resulted from a short squeeze, a recurring pattern observed throughout the rally. Interestingly, current open interest sits below the established baseline, signaling a healthier market with reduced leverage. Additionally, funding rates have reset lower, indicating a favorable environment for further upward movement.
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Confident in BTC’s trajectory, the trader anticipates a rise to $50,000 within the week, supported by the data he’s observing. Presently trading at $43,987, Bitcoin potentially offers a 13% upside within seven days if Credible Crypto’s forecast comes to fruition.
As per my most recent vid in the quoted tweet below- I am still expecting that we sweep our local $BTC lows but think downside is limited after that.
Below is what I am looking for atm.
More context in the vid below and what this means for alts if you haven't watched yet. https://t.co/IzQSEpmKuK pic.twitter.com/eqN2evP1BZ
— CrediBULL Crypto (@CredibleCrypto) December 7, 2023
Despite the short-term optimism, Credible Crypto predicts a retracement to around $42,000 before the next significant surge. He expects a revisiting of local BTC lows but foresees limited downside beyond that point.
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.
