An analyst who continues to grow his following with timely Bitcoin (BTC) calls believes that the crypto king is poised to hit $50,000 soon.
Pseudonymous trader Credible Crypto tells his 358,300 followers on the social media platform X that he’s looking at Bitcoin’s spot and derivatives market data after BTC rallied to a fresh 2023 high of $44,700.
According to the analyst, Bitcoin is unlikely to witness a significant correction as BTC continues to flash signs that the uptrend will continue.
“Recent pop was a short squeeze. This is the same playbook we have seen for this entire rally – spot limit absorption followed by a short squeeze, rinse and repeat all the way up.
So open interest is now actually BELOW the ‘new baseline’ which is very, very healthy – this means there isn’t much leverage here at these prices to flush out, so don’t expect some major dip to magically manifest.
Second, funding has nearly completely reset now as well – even lower than it was prior to this little pop. Once again, a very healthy sign. All in all, this move-up has room to run.
Again, expecting $50,000 by [this] week so this is exactly the type of data I want to see for that expectation to come to fruition.”
Source: Credible Crypto/X
At time of writing, Bitcoin is trading for $43,987, indicating an upside potential of about 13% in seven days should the trader’s prediction materialize.
Although Credible Crypto believes that a $50,000 price tag is in the cards for Bitcoin in the short term, he predicts that BTC will pull back toward the $42,000 level before the next leg up.
“I am still expecting that we sweep our local BTC lows but think the downside is limited after that. Below is what I am looking for at the moment.”
Source: Credible Crypto/X
Featured Image: Shutterstock/Master1305
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