Well-known crypto analyst, Credible Crypto, recently shared his insights on where Bitcoin could be headed next. His outlook paints two possible paths that could push Bitcoin to new all-time highs, catching BTC bears off guard. Here’s what he’s predicting.
Credible Crypto, who has a growing following of over 400,000 on X, thinks that the current market setup is primed to wipe out those betting against Bitcoin. According to him, Bitcoin bears are building up large short positions as the price continues to form lower highs. For those unfamiliar, a short position is when traders bet that the price of an asset, like Bitcoin, will drop. If it does, they profit. But if it doesn’t, things can turn ugly fast.
Credible thinks these lower highs are no coincidence—they’re setting up bears to be caught off guard. Essentially, bears are growing complacent, and their positions could become the fuel that propels Bitcoin higher in a short squeeze. A short squeeze happens when those betting against an asset are forced to buy back at higher prices as momentum turns against them. This buying can push prices up rapidly, creating a domino effect.
According to Credible, “Repeated marginal lower highs, these lower highs being defended on every push up – liquidity being engineered for, eventually, a massive break/pump.” He describes it as “fattening the bears up for slaughter in one swift, green candle of bear death when the time is right.”
10000%.
A very important point here.
In the same way we identified a draw on price to the downside on lower timeframes because of a build of of liquidity, we also have the exact same mechanic drawing us to the upside on higher timeframes.
Repeated marginal lower highs, these… https://t.co/OM7zbZbZly pic.twitter.com/CUeqEIIrDb
— CrediBULL Crypto (@CredibleCrypto) September 15, 2024
Looking at his chart, Credible outlines two possible scenarios: Bitcoin could either drop to new lows around $45,000 or dip to $55,000 before shooting up to $80,000 and beyond. As of now, Bitcoin is trading around $58,882, showing a slight uptick on the day.
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