What he did on time Bitcoin (BTC) renowned analyst believes the crypto king could be in the midst of a full-blown bull market.
In a new video, an analyst with the pseudonym Credible Crypto tells his 355,800 followers on social media platform says.
According to the analyst, leveraged traders leading the BTC rally may not be the healthiest way to sustain an uptrend. However, this may indicate that Bitcoin has entered a full-fledged bull market regime.
“Everything we see tells us that this rally is technically sustained futures driven and not spot driven, which is not the healthiest for a rally in general. But there will still come a point during this rally towards new highs where you will get a high funding rate, just consistently high. You will get consistently higher futures with a consistently higher funding rate.
This is the case when we reach a full-fledged bull market. “So the fact that we are seeing a transition from an environment where we have relatively low funding to an environment where we will have consistently high funding and where futures will consistently lead the market suggests that we may be reaching that point.”
The analyst also highlights that spot market buyers appear to be supporting the rise, with leveraged traders leading the rally.
“This isn’t really an upside spot-focused impulse. At the same time, with each consolidation we encounter what appears to be spot market absorption, preventing the price from falling further. “So it’s very possible that instead of aggressive spot buyers, we’re seeing spot buyers sneakily absorbing all the sales here.”
Koinfinans.com As we reported, at the time of writing this news, Bitcoin is trading at $41,676, up over 4% in the past day.