Bitcoin surpassed its all-time high of $44,700 in 2023, providing investors with a significant gain. Following this massive performance, cryptocurrency analyst Credible Crypto examined Bitcoin’s spot and derivatives market data and stated that there are strong signals that the digital asset will continue its upward trend. However, the sustainability of this rise and the possibility of a possible correction have become a matter of curiosity in the cryptocurrency community. Details are in our news…
Analyst Credible Crypto says Bitcoin could go up to $50,000 allegation It does. According to Credible Crypto’s analysis, the fact that Bitcoin is still in an uptrend makes it less likely that the cryptocurrency will experience a significant correction.
“The last rally was a short squeeze (a rapid rise in the price of an asset due to many short sellers being forced to cover their positions) (…)
So open interest is actually BELOW the ‘new baseline’ at the moment, which is very, very healthy – it means there isn’t a lot of leverage to go out in prices, so don’t expect a big drop to magically manifest.
NEWS CONTINUES BELOW
Second, funding is now almost completely wiped out; In fact, it is even lower than the level before this small explosion. Once again a very healthy sign. All in all, this move has room to move forward.
“Again, I expect $50,000 this week, so this is exactly the type of data I want to see to realize that expectation.”
NEWS CONTINUES BELOW
At the time of writing, Bitcoin is trading at $43,869, indicating an upside potential of approximately 13% in seven days if the investor’s prediction comes true.
Although the analyst predicts a price tag of $ 50,000 as a short-term target, he predicts that Bitcoin may retreat to the level of $ 42,000 in the coming period. This pullback can be viewed as a typical consolidation phase for a healthy Bitcoin bull market.
“I still expect us to surpass our local BTC lows, but I think the downside is limited from here on out. Below is what I am waiting for right now.”
Credible Crypto’s rating can serve as a guide for Bitcoin investors, but given the volatile nature of the cryptocurrency market, the accuracy of any predictions cannot be guaranteed. Investors should act according to their own risk tolerance and follow market conditions closely. Bitcoin’s future price movements may vary depending on many factors, including global economic factors, regulatory developments and technological innovations.
You can follow the current price movement here.