An analyst who continues to build a following with timely Bitcoin (BTC) calls believes the crypto king is poised to witness another burst to the upside.
Pseudonymous analyst Credible Crypto tells his 352,700 followers on social media platform X that the latest Bitcoin pullback has washed away over-indebted traders.
The crypto strategist notes that open interest (OI) is back to healthy levels as spot market bulls continue to accumulate BTC. Open interest tracks the total number of outstanding derivative contracts that have not yet been closed on an asset.
Says credible crypto,
“And that officially sets the stage, folks.
OI completely reset.
Funding reset.
Spot buying continues.
BTC is refueled and ready to continue the moon mission.”
Credible Crypto adds that its bullish stance on crypto is supported by the bearish price action of altcoins. The analyst notes that the deeper retracement in the altcoin markets indicates that market participants have the dry powder to move capital into BTC.
“I took the reins on altos. I feel like BTC is ready to do its thing.”
The trader also says that Bitcoin has already reached its downside price target and appears poised for a recovery.
“We just hit my downside target… Now let’s bounce BTC please.”
At the time of writing, Bitcoin is trading at $36,519, well above Credible Crypto’s downside target of $35,766.
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Featured image: Shutterstock/Andy Chipus
