A widely followed analyst believes that Bitcoin (BTC) has a lot more gas left in the tank even though it’s already surged about 17% since the start of December.
Trader Credible Crypto tells his 356,400 followers on the social media platform X that Bitcoin does not look overheated even after printing a new 2023 high of about $44,313.
“People keep trying to time the top with shorts and/or profit taking because they believe this rally is ‘overheated.’ Guys, look at the data. There is literally nothing ‘overheated’ about this rally. We simply keep sending it till every last bear is dead.”
To support his bullish thesis, Credible Crypto looks at the activities of BTC traders on both spot and futures markets. According to the trader, spot market buyers are accumulating dips while Bitcoin’s open interest (OI) continues to drop with every rally.
OI is a metric that tracks the amount of leveraged long and short positions on BTC.
Credible Crypto says that the recent drop in OI suggests that traders who went short on BTC got wiped out after the rally above $44,000.
“Significant drop in OI along with this recent pump – shorts squeezed. Funding is still looking healthy as well. This move is far from over. We keep pumping it.”
Credible Crypto believes that Bitcoin now has the momentum to slice through every resistance level with ease. The trader notes that BTC surged above the $40,000 area with very little trouble.
“Expect ‘major resistance levels’ above to get melted through a lot faster than most are expecting.
*cough*$40,000*cough*”
At time of writing, Bitcoin is trading at $43,928, up over 4% in the past day.
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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 loses 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.
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Source: https://dailyhodl.com/2023/12/06/crypto-analyst-predicts-bitcoin-melt-up-says-btc-bullish-move-far-from-over/