Crypto markets are not moving upwards at the expected pace and the price has stabilized after the recent rally. Investors are uneasy when the price remains stagnant at a higher level after rapid increases. So, what is the popular crypto analyst‘s expectation for the next phase?
Is the Bitcoin Rally Over?
No, the crypto rally is not over. At least that’s what the popular crypto analyst Credible Crypto says in his latest market assessment. According to the analyst, as spot market bulls continue to accumulate BTC, open interest (OI) is returning to healthy levels. Open interest indicates the size of active positions in derivative markets and it has reset completely during the recent surge.
“And so the stage is set again my friends.
OI has been completely reset.
Funding has been reset.
Spot purchases continue.
BTC has refueled and is ready to continue its mission to the moon.”
However, this is not definitively supportive of the medium-term upward movement. Open interest has retreated and recovered several times, but the price has not been able to surpass the targeted resistance level of $38,000 during this process. Perhaps, the possibility of a deeper correction should not be completely disregarded after so many failed tests.
Crypto Market Analysis
The negativity in Bitcoin‘s price adversely affects altcoins, and if the expected recovery does not happen, we may see the loss of support levels. The late-starting altcoin rally is now causing concern among investors due to the risk of BTC’s relaxation.
Credible Crypto adds that the bullish stance on BTC is supported by the downward movement of altcoins. The analyst says that a deeper pullback in the altcoin markets will push capital towards BTC, thus providing the necessary liquidity for new highs.
“I have taken the reins in altcoins. I feel that BTC is ready to do its own thing.”
Furthermore, according to the chart shared by Credible, BTC has already reached a retracement level and we should now expect a recovery from here.
“We have just reached my downside target… Now let’s bounce BTC.”
At the time of writing, the BTC price, which is about $700 above the targeted $35,766, continues to stay below $37,000. Decreasing volume during the weekends has forced the price to move within a narrow range, and the only thing that will trigger volatility next week will be any surprise details in the FOMC minutes.