Bitcoin (BTC) may be gearing up for a significant bullish reversal, according to a renowned crypto strategist. The pseudonymous analyst, known as Credible Crypto, with a substantial following of 364,900 on social media platform X, suggests that BTC is poised for a rally to a new two-year high.
In a recent market analysis, Credible Crypto highlights BTC's sudden corrective move to a seven-day low of $42,449. This maneuver effectively cleared out overleveraged traders, setting the stage for a potential surge to $55,000 – a level unseen since December 2021.
Key Points:
- Corrective Dip: BTC's swift correction to $42,449 flushed out overleveraged traders.
- Reversal Signal: Credible Crypto identifies indicators signaling a potential reversal to the upside.
- Critical Level: Analyst emphasizes the importance of BTC reclaiming the $44,000 level.
- Short Squeeze Potential: Credible Crypto suggests a short squeeze scenario if BTC surpasses $44,000.
Credible Crypto states, "If we can get back above $44,000, shorts should squeeze and take care of the rest, sending us back to $47,000+."
This sentiment is echoed by other analysts, including Justin Bennett, who informs his 110,700 followers on social media platform X that Bitcoin is currently consolidating within a broad range. Bennett emphasizes the significance of BTC reclaiming $44,000 for a potential run at $48,000.