It has been just revealed the fact that there is an imminent rally for Bitcoin to $50k on the way. Check out the latest reports about this below.
Bitcoin rally to $50,000 is getting near
An expert in Bitcoin named Credible Crypto has gained a growing following because of his accurate predictions about the cryptocurrency. He believes that Bitcoin is about to reach $50,000 soon.
He shares his insights with his 358,300 followers on X, a social media platform.
Credible Crypto analyzes Bitcoin’s spot and derivatives market data after it reached a new high of $44,700 in 2023.
The analyst is confident that there won’t be a significant drop in Bitcoin’s value as the cryptocurrency continues to show signs of an upward trend.
“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.”
At the time of writing, the price of Bitcoin is $43,987. This suggests that there is a potential for an increase of approximately 13% in seven days, if the trader’s prediction comes true.
Credible Crypto believes that Bitcoin may reach $50,000 in the short term, but he anticipates that it will first retreat to the $42,000 level before making another upward move.
