Credible Crypto Outlines How Bitcoin (BTC) Could Initiate Fresh Price Reversal to New All-Time High

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.

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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.” 

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.”

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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.

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