A closely followed analyst, known for his earlier predictions, explains the catalyst behind Bitcoin (BTC)’s recent pullback. Here are the details…
Credible Crypto explained the people behind Bitcoin price action
Credible Crypto, which kept various predictions on XRP and other coins, as we have also reported as Kriptokoin.com, earlier this month, Bitcoin still He said that while it’s trading at over $47,000, a big-pocket investor has placed large buy orders between $40,000 and $44,000. The analyst used the following statements on the subject:
A major player has bid between $40,000 – $44,000, in line with the retest of our weekly level mentioned in my tweet below. It seems it’s the same investors who filled a ton of bids at our real low of $32,000-38,000. If the price can be manipulated below these bids, those levels will likely be seen.
The crypto strategist was referring to a tweet he posted on April 1, where he predicted Bitcoin would pull back to around $42,000 before the next move. According to Credible, the correction will allow the large investor to accumulate BTC at lower levels. The analyst uses the following expressions:
With this last weekly close, we have taken back a very important level. The last four times we have closed above or below this level on the higher timeframe, we have moved to the opposite end of the range within a few weeks. We expect the same this time around – a retest of the $40,000 low and a rally.
Any rally in the coming days?
Bitcoin is currently trading around $42,000, Credible says the major investor’s trade orders have been met. The analyst states that the Bitfinex whale has completed the hunt, and the spikes in volume show that the orders are not fake and have been executed. Although Credible paints a short-term bearish picture for Bitcoin, it predicts a BTC rally in the days after the correction is complete. The chart below says that BTC should make a weekly close above the blue zone, with weekday lows being seen but the important thing is the weekly close.
The crypto strategist also cites data from Glassnode showing the increasing amount of Bitcoin that has been dormant for over a year. According to the chart, Bitcoin has historically started a strong bull rally when the metric hit the green zone.
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