An analyst who continues to build a following with his timely calls on Bitcoin (BTC) as of late thinks that the crypto king is flashing signs of a sustainable uptrend.

Pseudonymous analyst Credible Crypto tells his 347,000 followers on the social media platform X that Bitcoin’s open interest (OI) appears to have gone down, indicating that over-leveraged traders have been flushed out.

Traders keep a close watch on BTC’s open interest as it tracks the amount of leveraged open long and short positions on Bitcoin. Low OI levels amid a Bitcoin surge suggest that the rally is being driven by spot market accumulators instead of speculators.

Says Credible Crypto,

“OI on Binance has reset back to levels we saw before this latest rally, meanwhile price is holding recent gains. This is exactly what we want to see during a healthy uptrend. Continuation soon in my opinion. One more swing lower to $28,900-$29,100 is healthy if we get it…

Same vibes. Choppy grind up with increasingly negative funding. May not get much of a dip after all.”

Source: Credible Crypto/X

The trader highlights that Bitcoin’s recent rally to $30,00 is likely just a precursor to a much larger surge.

“This pump to $30,000 was just the pre-pump pump… To be clear I think this move is just getting started and as long as we keep building a bullish market structure on the way up we have a lot farther to go.”

At time of writing, Bitcoin is worth $30,077.

Generated Image: Midjourney

The post Crypto Analyst Predicts Bullish Continuation for Bitcoin, Says BTC Flashing Signs of Healthy Uptrend appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ October 23, 2023 8:24 pm