An analyst who continues to build a following with timely Bitcoin (BTC) calls believes that the crypto king is ready to witness another burst to the upside.
Pseudonymous analyst Credible Crypto tells his 352,700 followers on the social media platform X that the latest Bitcoin pullback flushed out overleveraged traders.
[adinserter block="1"]The crypto strategist notes that open interest (OI) is back at healthy levels as spot market bulls continue to accumulate BTC. Open interest tracks the total number of outstanding derivatives contracts that have not been closed for an asset.
Says Credible Crypto,
“And with that, the stage is officially set, folks.
OI completely reset.
Funding reset.
Spot buying continues.
BTC is re-fueled and ready to continue the moon mission.”
Credible Crypto adds that his bullish stance on crypto is supported by the bearish price action of altcoins. The analyst notes that the deeper retracement in the altcoin markets suggests that market participants have the dry powder to move capital to BTC.
“Pulled the reigns in on alts. I have a feeling BTC is ready to do its thing.”
The trader also says that Bitcoin has already hit his downside price target and looks poised for a recovery.
“We’ve just hit my downside target… Now let’s bounce please BTC.”
At time of writing, Bitcoin is trading for $36,519, well above Credible Crypto’s downside target at $35,766.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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 assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Featured Image: Shutterstock/Andy Chipus
