Closely watched cryptocurrency analyst and strategist, Credible Crypto, has stirred optimism among investors by offering a summary of how Bitcoin (BTC) could reclaim its rising momentum and surpass its all-time high (ATH) of around $69,000.
Critical Target Level: $27,500
The anonymous crypto analyst, Credible Crypto, stated that Bitcoin bulls successfully defended the critical support level of $25,000 following Monday’s drop. According to the analyst, a fall below $25,000 could trigger forced liquidations, which he believes would likely benefit bulls holding long positions in BTC:
I think we’ve reached my first target at this point. The current situation means that lower prices are merely a ‘bonus.’ A fall below $25,000 could only occur if driven by forced liquidations. If we surpass $27,500, we’ll likely experience a short squeeze and see a reversal of the downward trend.
“Bitcoin’s Decline is Extremely Healthy”
The analyst, who has begun buying Bitcoin from current prices because he anticipates that surpassing $27,500 could propel BTC to its ATH, stated, “I’ve started buying spot BTC as planned. We haven’t gone ‘below $25,000’ yet, but we recorded the last bottom around $25,800. To put it simply, there could be a quick pullback to $22,000-23,000 for liquidations. In my view, the downward movement will be limited to $20,000 under extreme conditions. Movement towards a new ATH will come once we pass $27,500 again.”
According to Credible Crypto, Bitcoin’s latest move towards $25,000 is “logical and healthy” as it contradicts the view that BTC will reach its ATH this year and it’s knocking many investors out of the game.
Bitcoin, the largest cryptocurrency, is trading at $26,761, up 3.91% in the last 24 hours as of the time of preparing this report.
