A prominent cryptocurrency analyst and trader remains optimistic about Bitcoin’s future despite its recent dip below the $60,000 mark. Known by the pseudonym Credible Crypto, the analyst assured his 402,400 followers on X that Bitcoin’s bullish market structure remains intact.
Credible Crypto believes that Bitcoin’s long-term outlook remains positive despite the current retracement, suggesting potential for significant rallies post-correction. However, he cautions that it may take some time before Bitcoin begins a new uptrend.
“For spot buyers, there’s no need for excessive concern right now. As mentioned previously, significant declines on higher time frames won’t necessarily negate the bullish trend, and what follows this correction could propel us towards the next major milestone of $100,000. If you’re buying during the downturn, be prepared for some short-term underwater conditions.”
As of the latest update, Bitcoin is trading at $56,319, indicating a potential upside of nearly 80% if it reaches the analyst’s target.
Nevertheless, Credible Crypto warns that the current correction might gain momentum due to increasing open interest levels. Open interest refers to the total number of outstanding contracts, often indicating leveraged positions in BTC.
The analyst highlights that elevated open interest alongside Bitcoin holders selling their coins on the spot market could prolong the current BTC downtrend.
“In my view, a short squeeze seems inevitable, but as long as new long positions continue to accumulate during the decline amidst spot-driven sell-offs, the situation may worsen before improving.”
Regarding altcoins, Credible Crypto suggests, “Altcoins are likely to suffer if Bitcoin continues to decline. Some are already in or completing significant distribution phases and may continue to bleed afterward. Others that have barely recovered from their lows may also face pressure, though these concerns should be less impactful as they have less gains to relinquish.”
For more updates and insights, follow Credible Crypto on X, Facebook, and Telegram.
Source: Credible Crypto/X
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