A closely followed #crypto strategist is outlining how #bitcoin ( #BTC ) can regain its bullish momentum and rally toward a fresh all-time high.
Pseudonymous analyst Credible Crypto tells his 340,600 Twitter followers that Bitcoin bulls have successfully defended a critical support level at $25,000 following Monday’s corrective move.
According to Credible Crypto, a move below $25,000 will likely be driven by forced liquidations, which he thinks would be favorable for long-term BTC bulls.
“I consider the 1st target met at this point – which means anything lower is a ‘bonus.’ Will only be driven by forced liquidations and the minute we manage to reclaim $27,500, we probably squeeze up and see a full-on reversal.”
The trader says he’s accumulating Bitcoin at current prices as he predicts a move above $27,500 could send BTC skyrocketing to a new all-time high.
“I’ve started buying spot BTC as per the plan.
Haven’t hit ‘sub-$25,000’ yet but took our lows at $25,800-ish…
Keeping it simple: Can fish for liquidations into $22,000-$23,000. Downwide capped at $20,000, in my opinion.
Reclaim $27,500 and we are ready for continuation to new all-time highs.”
According to Credible Crypto, Bitcoin’s latest move down to $25,000 is “logical and healthy” as he holds the contrarian view that BTC will print a fresh all-time high this year, leaving many traders on the sidelines.
At time of writing, Bitcoin is trading for $25,591, down over 4% in the last 24 hours.
source: dailyhodl
image source: AI
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
