Popular crypto strategist Credible is on the possibility of a significant downside move for BTC as Bitcoin price remains above $28,000. stands.
As Koinfinans.com reported, Credible Crypto stated in its post on
So why is it so impossible to see $20,000 or below in BTC?
If we take the chart below and look at the data we have available, we can see that the total OI of around $6 billion proves to be a historical bottom (it has remained stable over the last 12 plus months (marked by peak fear/panic at the bottom of the FTX crash) and around $11 billion is a local It has become a hill.
NEWS CONTINUES BELOWThe last big drop we had in August wiped out nearly $3 billion in OI (from $11 billion to under $8 billion) but still failed to break our last big drop at $24,800. We are currently trading at almost the same price as when this flush was triggered, but total OI has fallen from around $11 billion during our flush in August to just $8.5 billion now.
So we’re currently where we were before the drop to $25,000, but there are about 50% fewer leveraged positions prone to liquidation in the system than there were in August.
NEWS CONTINUES BELOW
The analyst also underlined that Bitcoin is unlikely to fall below $24,800 for similar reasons.
Even betting on a breakout of $24,800 is betting against the odds, as you will be looking for a larger move down from the flush in August, and half as much ammunition (leveraged positions that are susceptible to liquidation) will be available to cause that flush.