A popular crypto analyst thinks Bitcoin is setting up for a big price surge, potentially hitting new all-time highs.
Bears Being Fattened for the Slaughter
The analyst, known as Credible Crypto, believes that Bitcoin’s recent price dips are actually a clever strategy to trap traders who are betting on further price drops. These traders, called “bears,” are building up large short positions, essentially borrowing Bitcoin at a high price and hoping to buy it back cheaper later.
Credible thinks this is setting the stage for a massive short squeeze. A short squeeze happens when bears are forced to buy back the Bitcoin they borrowed, driving the price up quickly.
Two Possible Paths
Credible outlines two potential paths for Bitcoin:
- Scenario 1: Bitcoin could drop to around $45,000, a new low, before rebounding.
- Scenario 2:
Bitcoin could drop to $55,000 before rallying.
In both scenarios, Credible sees Bitcoin eventually breaking through $80,000 and potentially going even higher.
Important Note:
This is just one analyst’s opinion, and the cryptocurrency market is notoriously volatile. Don’t invest more than you can afford to lose, and always do your own research before making any investment decisions. /p>
