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Credible Crypto, an anonymous cryptocurrency analyst who continues to attract followers with his timely Bitcoin (BTC) calls, has suggested that the largest cryptocurrency may be in the midst of a strong bull market. The analyst stated that the rise in Bitcoin is fueled by the support of leveraged traders.
“Strong Bull Market” Analysis for Bitcoin
Credible Crypto, a cryptocurrency analyst, stated in a recent video update on the social media platform X (formerly known as Twitter) that Bitcoin traders using leverage in the futures market seem to be leading the BTC rally. According to the analyst, the fact that leveraged traders are leading the price increase of BTC may not be the healthiest way for the upward trend to continue, but it may indicate that Bitcoin is entering a strong bull market:
Everything we see tells us that this rally is technically focused on futures rather than spot, which is not generally the healthiest for a rally, but there will still be a point during this rally where we will reach new highs, and there will be high funding, and furthermore, a continuously rising funding rate. There will be continuously higher futures trading with a continuously higher funding rate.
This is how it is when entering a strong bull market. Therefore, the transition from an environment where we have relatively low funding rate to an environment where we continuously have a high funding rate and futures constantly lead the market shows that we may be reaching this point.
Spot Investors are Also Active Alongside Leveraged Traders
While leveraged traders lead the Bitcoin rally, Credible Crypto highlighted that spot market investors also seem to be supporting the rise. The analyst stated, “The rise is not currently spot-focused. At the same time, we are facing a situation where it seems that purchases are coming from the spot market with each consolidation, preventing the price from falling further. Therefore, it is very likely that instead of aggressive spot buyers, we are seeing spot buyers who quietly absorb all the sales.”
At the time of writing this article, Bitcoin is trading at $41,732 with a 0.39% increase in the past 24 hours. Current data shows that the price of the largest cryptocurrency has increased by 12.06% in the past 7 days and 18.61% in the past 30 days.
