The crypto market took a big hit over the weekend, but one popular analyst is seeing a positive sign amidst the chaos.
Open Interest Wipeout: A Bullish Signal?
Credible Crypto, a well-known trader with over 400,000 followers on Twitter, says the recent drop in Bitcoin’s price has actually cleared out a lot of “open interest.” This means that a lot of risky bets on Bitcoin have been wiped out, which could be a good thing for the market in the long run.
“It’s like nature healing itself,” Credible Crypto explains. “The more open interest is cleared out, the healthier the market becomes.”
Don’t Panic, Buy the Dip?
While the market is down, Credible Crypto doesn’t think this is the end of the road for Bitcoin. He sees this as a temporary dip and is still bullish on the future of crypto. He advises investors to take advantage of the lower prices and buy up strong coins that have been hit hard by the recent downturn.
“This is not the time to sell,” he says. “It’s the time to buy the dip.”
Remember: This is just one analyst’s opinion. Always do your own research before making any investment decisions. The crypto market is volatile, and you could lose money.
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