According to a widely followed crypto analyst, Bitcoin BTC bulls are preparing for another rally to the upside before (BTC) pulls back.
A crypto trader with the pseudonym Credible Crypto told his 354,400 followers on social media platform X that he wouldn’t be surprised if the king crypto had another surge before it cleared. says.
“Initial rejection here but we wouldn’t be surprised to see another push up to get those equal highs before the ‘real’ decline begins.”
Credible Crypto further explains its stance in an accompanying video update, saying investors should watch for upside BTC bursts that are not caused by short squeezes.
According to Trader, the highest by market value crypto- Its asset’s recent rise to $38,000 was the result of a short squeeze that has since ended, setting the stage for an impending decline.
“What we want to see in these upside moves are not necessarily short squeezes, but rather upside spot-focused moves, which we can take more seriously. Upside moves that do not require the shorts to be forced to close to achieve this type of momentum.”
The analyst then predicts that BTC will lose momentum and come back as traders with long positions panic and provide liquidity.
“For the first time in a long time, we have experienced a significant increase in open interest from our lowest levels. What happened the last time we had this kind of rise from the lows? We saw a downward squeeze…
So again, there is an increase in open interest on the upside, with primarily long traders jumping in…
“What this means is that if the Price of BTC can be forced to pull back… we will likely see some of these longs start to panic and close, which will push the price down even faster.”
Bitcoin is trading at $37,752 at the time of writing this news and has experienced a partial decline in the last 24 hours.