A widely followed analyst believes that Bitcoin (BTC) still has a lot more gas in the tank, even though the price has already risen about 17% since the beginning of December.
Trader credible crypto tells According to its 356,400 followers on social media platform
“People keep trying to time the top with short positions and/or profit taking because they think this rally is ‘overheated’. Guys, look at the data. There is literally nothing ‘overheated’ about this rally. We’ll just keep sending it until every last bear is dead.”
To support its bullish thesis, Credible Crypto looks at the activities of BTC traders in both spot and futures markets. According to the trader, spot market buyers are piling up dips while Bitcoin’s open interest (OI) continues to fall with each rally.
OI is a measure that tracks the number of long and short leveraged BTC positions.
Credible crypto say that the recent drop in OI indicates that traders who shorted BTC were wiped out after the rally above $44,000.
“Significant decline in OI along with this recent pump – shorts pinched. Financing also still looks healthy. This step is far from over. We keep pumping.”
Credible Crypto believes that Bitcoin now has the momentum to break any resistance level with ease. The trader notes that BTC rose above the $40,000 area with very little trouble.
“Expect the ‘major resistance levels’ above to melt through much faster than most expect.
*cough*$40,000*cough*”
At the time of writing, Bitcoin is trading at $43,928, up over 4% in the past day.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on Tweet, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: DALLE3
