Crypto Analyst Predicts Bullish Continuation for Bitcoin, Says BTC Flashing Signs of Healthy Uptrend

An analyst who continues to build a following with his timely calls on Bitcoin (BTC) as of late thinks that the crypto king is flashing signs of a sustainable uptrend.

Pseudonymous analyst Credible Crypto tells his 347,000 followers on the social media platform X that Bitcoin’s open interest (OI) appears to have gone down, indicating that over-leveraged traders have been flushed out.

Traders keep a close watch on BTC’s open interest as it tracks the amount of leveraged open long and short positions on Bitcoin. Low OI levels amid a Bitcoin surge suggest that the rally is being driven by spot market accumulators instead of speculators.

Says Credible Crypto,

“OI on Binance has reset back to levels we saw before this latest rally, meanwhile price is holding recent gains. This is exactly what we want to see during a healthy uptrend. Continuation soon in my opinion. One more swing lower to $28,900-$29,100 is healthy if we get it…

Same vibes. Choppy grind up with increasingly negative funding. May not get much of a dip after all.”

The trader highlights that Bitcoin’s recent rally to $30,00 is likely just a precursor to a much larger surge.

“This pump to $30,000 was just the pre-pump pump… To be clear I think this move is just getting started and as long as we keep building a bullish market structure on the way up we have a lot farther to go.” 

At time of writing, Bitcoin is worth $30,077.

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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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