A closely followed crypto strategist outlines how Bitcoin (BTC) can regain its bullish momentum and soar to a new all-time high.
Pseudonymous analyst Credible Crypto tells his 340,600 Twitter followers that Bitcoin bulls successfully defended a critical $25,000 support level after Monday’s corrective move.
According to Credible Crypto, a move below $25,000 is likely to be driven by forced liquidations, which he believes would benefit BTC bulls in the long run.
“I think the first target has been met at this point – meaning anything lower is a ‘bonus’. Will only be driven by forced liquidations and once we manage to recover $27,500 we will likely compress and see a full reversal.
The trader says he is rallying Bitcoin at current prices as he predicts a move above $27,500 BTC could skyrocket to a new all-time high.
“I started buying spot BTC according to the plan.
We haven’t reached ‘sub-$25,000’ yet, but we hit our low at $25,800-ish…
To keep it simple, can fish for liquidations in $22,000 – $23,000. Downwide capped at $20,000, in my opinion.
Win back $27,500 and we’re ready to continue to new all-time highs.
According to Credible Crypto, the latest Bitcoin movement up to $25,000 is “logical and sane” as he has the contrarian view that BTC will print a new all-time high this year, leaving many traders on the sidelines.
At the time of writing, Bitcoin is trading at $25,591, down more than 4% in the past 24 hours.
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Image generated: Midway through the journey
