dailyhodl.com
A closely followed crypto strategist believes that Bitcoin (BTC) is setting up for a big move to the upside.
Pseudonymous crypto analyst Credible Crypto tells his 354,100 followers on the social media platform X that he thinks Bitcoin is on the path of a slow grind up before a burst to the upside.
According to the trader, Bitcoin has been crawling for about a month now but notes that the gradual ascent is a precursor to a breakout rally.
“No doubt in my mind, the break from this vertical accumulation will be explosive. The only question that is left is when it will blow. When it does, we ain’t stopping at $40,000 either in my opinion. Bitcoin is crawling now so that it can sprint later.”
Credible Crypto previously said that he thinks Bitcoin is likely to repeat its rally during the early stages of the 2020 bull market when BTC soared from $14,000 to $60,000 in a few months.
In the short term, however, the analyst says that Bitcoin’s next move is uncertain as both BTC bulls and bears enter leveraged positions at an immediate support level.
“I don’t have a directional bias in the immediate short term here. Till now I was looking for a move down to this level to take long liquidations. Now we’ve hit a significant level of demand/support with both longs and shorts taking position here. Volatility is coming, but it could come in the form of *either* a long or short squeeze.”
Looking at the trader’s chart, he seems to predict that BTC will likely regain its bullish momentum if it manages to move above $37,700.
Bitcoin is trading for $37,238 at time of writing.