An analyst who continues to grow his fan base with timely Bitcoin (BTC) calls believes the crypto king will soon hit $50,000.
The pseudonymous trader Credible Crypto tells his 358,300 followers on the social media platform
According to the analyst, Bitcoin is unlikely to see a significant correction as BTC continues to show signs that the uptrend will continue.
“The recent pop was a short squeeze. This is the same playbook we've seen throughout this rally – selective limit absorption, followed by a quick squeeze, rinse and repeat until the end.
So open interest is now actually BELOW the “new baseline”, which is very, very healthy – that means there's not much leverage here at these prices to flush it out, so don't expect that to magically happen major slump manifested.
Secondly, funding is also now almost completely down – even lower than before that little bang. Once again a very healthy sign. All in all, there is still room for this advancement.
Here too, the estimate is 50,000 US dollars [this] week, so that’s exactly the kind of data I want to see to make that expectation come true.”
Source: Credible Crypto/X
At the time of writing, Bitcoin is trading for $43,987, indicating an upside potential of around 13% in seven days if the trader's forecast comes true.
Although Credible Crypto believes that a price of $50,000 is in sight for Bitcoin in the short term, he predicts that BTC will fall back to the $42,000 level before the next increase.
“I still expect us to sweep our place BTC Lows, but I think the downside potential is limited after that. Below is what I’m looking for at the moment.”
Source: Credible Crypto/XDon't miss a thing – Subscribe to receive email alerts straight to your inbox
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