Crypto Analyst Predicts Bullish Continuation for Bitcoin, Says BTC Flashing Signs of Healthy Uptrend
An analyst who has been gaining followers due to his accurate Bitcoin (BTC) predictions recently believes that the leading cryptocurrency is showing indications of a sustainable upward trend.
Pseudonymous analyst Credible Crypto, followed by 347,000 users on the social media platform X, points out that Bitcoin's open interest (OI) appears to have decreased. This decline suggests that over-leveraged traders have been liquidated.
Open interest is closely monitored by traders as it tracks the total value of leveraged open long and short positions in Bitcoin. When OI levels drop during a Bitcoin rally, it indicates that the upward movement is being primarily driven by spot market buyers rather than speculators.
Credible Crypto shares the following insights:
"Open interest on Binance has reset to levels seen before the latest rally, and the price is holding its recent gains. This is a healthy sign for a sustained uptrend. In my opinion, continuation is imminent. A minor pullback to the $28,900-$29,100 range would be considered healthy if it occurs.
I have the same sentiment. A gradual and choppy ascent, coupled with increasingly negative funding rates, may not result in a significant dip after all."
Credible Crypto's analysis suggests that Bitcoin is on a healthier and more sustainable uptrend, with potential support levels around the $28,900-$29,100 range if needed.
The trader emphasizes that Bitcoin's recent climb to $30,000 is likely just the initial stage of a much more substantial surge.
"This move to $30,000 was merely the preliminary ascent... To clarify, I believe this movement has only just begun, and as long as we continue to establish a bullish market structure on the way up, there is much further to go."
As of the present moment, the price of Bitcoin stands at $30,077. Please keep in mind that cryptocurrency prices are highly volatile and can change rapidly.
Oct 24, 2023