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Home»Analysis»Analyst Predicts An Abrupt Bullish Reversal In Bitcoin, Says BTC May Witness A Brief Push After Regaining This Level
Analysis

Analyst Predicts An Abrupt Bullish Reversal In Bitcoin, Says BTC May Witness A Brief Push After Regaining This Level

2024-01-14No Comments2 Mins Read
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A closely watched crypto strategist believes Bitcoin (BTC) is on the cusp of a major rally to a new two-year high.

Pseudonymous analyst Credible Crypto tells his 364,900 followers on social media platform X that Bitcoin is poised for a bullish reversal.

According to the analyst, BTC’s abrupt correction to a seven-day low of $42,449 wiped out over-indebted traders, putting BTC in a position to rise to $55,000 – a level last seen in December 2021.

“The bottom has been reached, the financing has been reset to neutral, the perpetual premium is flat again and there is a slight open interest flush on a number of leveraged long positions. This is where I want to look for a turnaround to the upside.”

Image
Source: Credible Crypto/X

Credible Crypto notes that Bitcoin could witness a short squeeze if BTC moves above $44,000.

A short squeeze occurs when traders who borrow an asset at a certain price in the hope of selling it at a lower price to pocket the difference are forced to buy back the borrowed asset when momentum turns against them , triggering further rallies.

Say Credible crypto,

“If we can get back above $44,000, shorts should do the rest and send us back to $47,000+.”

Credible Crypto isn’t the only analyst who believes BTC can spark a rally above $47,000. Trader Justin Bennett tells his 110,700 followers on the social media platform

“BTC just tested $41,240 support.

It’s still questionable whether it can recover $44,000 for a run at $48,000.

Limited to range for now.”

Image
Source: Justin Bennett/X

At the time of writing, Bitcoin is worth $43,052.

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See also  Trader issues Bitcoin warning, says BTC 'doesn't look great' after double-digit percentage decline from all-time high
Abrupt Analyst Bitcoin BTC Bullish level Predicts Push Regaining Reversal Witness
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