Credible Crypto, a closely followed crypto analyst has recently outlined how Bitcoin (BTC), the largest cryptocurrency by market cap, could initiate a fresh price reversal toward a new price all-time high.
According to the popular pseudonymous crypto strategist in a tweet, Bitcoin (BTC) bulls have successfully defended the $25,000 critical support level following the Monday price correction.
Credible Crypto stated that a drop below $25,000 support could result in a huge liquidation, which could end up being a blessing in disguise for long-term Bitcoin bulls.
Credible Crypto tweeted, “I consider the 1st target met at this point – which means anything lower is a ‘bonus.’ Will only be driven by forced liquidations and the minute we manage to reclaim $27,500, we probably squeeze up and see a full-on reversal.”
I consider the 1st target met at this point- which means anything lower is a "bonus". Will only be driven by forced liquidations and the minute we manage to reclaim 27.5k's we probably squeeze up and see a full on reversal. Will make a new vid update with more detail soon. $BTC https://t.co/YcIoQBEt4v pic.twitter.com/LvRm0oxzPU
— CrediBULL Crypto (@CredibleCrypto) June 6, 2023
The top trader says he’s currently accumulating Bitcoin as he predicts a move above $27,500 could send BTC skyrocketing to a new all-time high.
“I’ve started buying spot BTC as per the plan. Haven’t hit ‘sub-$25,000’ yet but took our lows at $25,800-ish… Keeping it simple: Can fish for liquidations into $22,000-$23,000. Downwide capped at $20,000, in my opinion. Reclaim $27,500 and we are ready for continuation to new all-time highs.”
According to Credible Crypto, Bitcoin’s latest move down to $25,000 is “logical and healthy” as he holds the contrarian view that BTC will print a fresh all-time high in 2023, leaving many traders on the sidelines.
At the time of filing this report, BTC is trading at $26,722, with a relatively 4% price upsurge in the last 24 hours, according to CoinMarketCap.