The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

Popular Crypto Analyst Issues Major Bitcoin Alert, Says BTC Ripe for a ‘Flush Down’ – Here’s Why

by Daily Hodl Staff
June 1, 2023
in Bitcoin, Ethereum

A widely followed crypto strategist and trader is predicting a bearish period for Bitcoin (BTC) over the short term.

Pseudonymous crypto strategist Credible Crypto tells his 340,500 Twitter followers that Bitcoin is set to fall.

According to Credible Crypto, Bitcoin is currently below a critical resistance level after a rally that came about as a result of a short squeeze during the US Memorial Day weekend.

The analyst says that while Bitcoin could edge higher, he will only change his stance from bearish to bullish if the Chicago Mercantile Exchange (CME) gap just above the $29,200 area is reclaimed.

“BTC is currently trading UNDER a key resistance zone after a primarily short-squeeze driven move up during a low liq long weekend with near equal lows below and aggregate Open Interest at $9 – $9.2 billion (danger zone).

We are ripe for a flush down in my opinion.

May trade a bit higher into supply and/or to tap that small CME gap above but until/unless we get a decisive reclaim of the red zone I have to lean short-term bearish here.”

Source: Credible Crypto/Twitter

CME gaps are a discrepancy between the spot price and futures price of Bitcoin. They occur when the futures price of Bitcoin opens below or above the previous day’s closing price on the Chicago Mercantile Exchange – this happens since the CME is closed over the weekend and federal holidays while the spot market operates nonstop.

Turning to Ethereum (ETH), the crypto analyst says that the chances of the second-largest crypto asset by market cap reaching his “ideal upside target” of above $2,000 will depend on Bitcoin’s price action going forward.

“We got some relief on ETH as expected, haven’t quite hit the ideal upside target but whether we get there or not will also depend on BTC here as it is at an inflection point in my opinion. If BTC melts down I don’t expect ETH to reach the ideal upper target here before heading down. If BTC can hold here and continue to grind up, the relief on alts like ETH should continue.”

Source: Credible Crypto/Twitter
Follow us on X, Facebook and Telegram

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Surf The Daily Hodl Mix

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Submit a Press Release

Industry Announcements

  • Meta Earth Network 2.0 – Pioneering Web 3.0 Innovation With Rewards and Global Events
    June 20, 2025
  • Perceptron Network Merges With BlockMesh To Create First End-to-End Decentralized AI Data Infrastructure
    June 20, 2025
  • Bubblemaps Integrates With TON, Enhancing Transparency in Telegram’s Native Blockchain Ecosystem
    June 19, 2025
  • NATIX Network Launches DePAI Initiative, Merging DePIN Infrastructure With Decentralized AI
    June 19, 2025
  • BitVault Raises $2 Million From GSR, Gemini and Auros To Launch BTC-Backed Money
    June 18, 2025
  • TAC Raises $11.5 Million To Bring DeFi to Telegram’s Billion-User Ecosystem
    June 18, 2025
  • Falcon Finance Launches Pilot Season of Falcon Miles Points Program To Reward Ecosystem Participants
    June 18, 2025
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$103,623.76
$103,623.76
0.98%
Ethereum
$2,429.19
$2,429.19
3.54%
BNB
$644.87
$644.87
0.03%
Solana
$140.90
$140.90
3.24%
XRP
$2.13
$2.13
1.24%

Spotlight

  • Hacker Strikes Mortgage Firm, Steals Personal Info From 30,453 People, Including Security Numbers, Names and Account Details
    June 13, 2025
  • $190,000 Bitcoin Within the ‘Realm of Possibility,’ According to Analyst Kevin Svenson – Here’s His Outlook
    June 13, 2025
  • Trump Calls Fed Chair Jerome Powell a ‘Numbskull,’ Claims Lack of Rate Cuts Are Costing US $600,000,000,000 a Year
    June 13, 2025
  • Here Are the Possible Bearish Targets for Bitcoin After BTC Fails To Break Out Above Major Level, According to Crypto Analyst
    June 13, 2025
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2025 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2025 The Daily Hodl