The popular crypto analyst stated that Bitcoin is poised to trap the bulls with a rally before pulling back.
In a statement on Credible Crypto X, he said he would not be surprised if the leading crypto experienced a new rise:
The analyst emphasized that investors should follow the increases that did not occur due to short-term squeezes.
According to Credible Crypto, the leading cryptocurrency’s recent rise to $38,000 was the result of a short squeeze and set the stage for a new decline.
The analyst predicted that Bitcoin would eventually lose its momentum and decline as investors with long positions panicked and liquidated.
At the time of writing, Bitcoin is trading at $37,664, according to CoinMarketCap data.