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June 7, 2023

Here’s How Bitcoin Could Witness a Full-On Reversal Toward a New All-Time High, According to Analyst

By Daily Hodl Staff

A closely followed crypto strategist is outlining how Bitcoin (BTC) can regain its bullish momentum and rally toward a fresh all-time high.

Pseudonymous analyst Credible Crypto tells his 340,600 Twitter followers that Bitcoin bulls have successfully defended a critical support level at $25,000 following Monday’s corrective move.

According to Credible Crypto, a move below $25,000 will likely be driven by forced liquidations, which he thinks would be favorable for long-term BTC bulls.

“I consider the 1st target met at this point – which means anything lower is a ‘bonus.’ Will only be driven by forced liquidations and the minute we manage to reclaim $27,500, we probably squeeze up and see a full-on reversal.” 

Source: Credible Crypto/Twitter

The trader says he’s accumulating Bitcoin at current prices as he predicts a move above $27,500 could send BTC skyrocketing to a new all-time high.

“I’ve started buying spot BTC as per the plan.

Haven’t hit ‘sub-$25,000’ yet but took our lows at $25,800-ish… 

Keeping it simple: Can fish for liquidations into $22,000-$23,000. Downwide capped at $20,000, in my opinion.

Reclaim $27,500 and we are ready for continuation to new all-time highs.”

According to Credible Crypto, Bitcoin’s latest move down to $25,000 is “logical and healthy” as he holds the contrarian view that BTC will print a fresh all-time high this year, leaving many traders on the sidelines.

At time of writing, Bitcoin is trading for $25,591, down over 4% in the last 24 hours.

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