Cryptocurrency analyst Credible Crypto predicts a bullish future for Bitcoin (BTC) despite its recent dip below $60,000.
Bullish Outlook Intact
According to Credible, Bitcoin’s long-term uptrend remains strong. While the current correction may continue, it will pave the way for a significant rally.
Potential Upside
Credible estimates that BTC could rally nearly 80% to $100,000 after the correction ends. However, he cautions that it may take some time for the uptrend to begin.
Open Interest Concerns
Credible notes that high levels of open interest (unresolved contracts) could exacerbate the current downtrend. This indicates that traders are using leverage to bet on BTC, which could lead to a “short squeeze” if prices fall too quickly.
Altcoins Impact
Credible warns that altcoins (other cryptocurrencies) may suffer if BTC continues to decline. However, he suggests that altcoins with minimal recent gains may be less affected.
Caution for Buyers
Credible advises buyers to be prepared for potential losses in the short term as the correction continues. However, he believes that long-term investors should not be overly concerned.
