An analyst who continues to grow a following with timely Bitcoin calls believes that BTC is primed to spearhead the next wave of crypto rallies.
Pseudonymous analyst Credible tells his 467,100 followers on the social media platform X that Bitcoin’s capital flows indicate that BTC is gearing up for another upside burst.
[adinserter block="1"]According to the trader, BTC demand appears to be meeting selling pressure above $90,000 as its cumulative volume delta (CVD), an order flow tool tracking the difference between market buy and sell orders, cools off.
“Bitcoin is looking really healthy here.
Nice impulsive looking move up followed by a spot CVD full reset, but with price actually moving up. Clear signs of significant seller absorption. Meanwhile, funding is negative/neutral.
Only positions I’d consider due to the above would be longs or nothing.”
While the analyst believes that Bitcoin looks bullish, he notes that most altcoins will likely be left behind once BTC rallies. Credible predicts that altcoins will begin catching up to BTC after Bitcoin hits a new all-time high.
“With BTC looking quite strong here, there is a chance that it could lead the next leg with a breakout to the upside.
If this occurs, it’s possible we see a small window where BTC leads before alts follow, leading to an ALT/BTC ‘capitulation’ move…
The implication would be that BTC could see $125,000-$135,000 before alts like CRV kick into gear and start moving up themselves.”
At time of writing, Bitcoin is trading for $94,182.
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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 assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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