An analyst who continues to build a following with timely Bitcoin (BTC) calls believes that the crypto king is ready to witness another burst to the upside.

Pseudonymous analyst Credible Crypto tells his 352,700 followers on the social media platform X that the latest Bitcoin pullback flushed out overleveraged traders.

The crypto strategist notes that open interest (OI) is back at healthy levels as spot market bulls continue to accumulate BTC. Open interest tracks the total number of outstanding derivatives contracts that have not been closed for an asset.

Says Credible Crypto,

“And with that, the stage is officially set, folks.

OI completely reset.

Funding reset.

Spot buying continues.

BTC is re-fueled and ready to continue the moon mission.”

Source: Credible Crypto/X

Credible Crypto adds that his bullish stance on crypto is supported by the bearish price action of altcoins. The analyst notes that the deeper retracement in the altcoin markets suggests that market participants have the dry powder to move capital to BTC.

“Pulled the reigns in on alts. I have a feeling BTC is ready to do its thing.”

The trader also says that Bitcoin has already hit his downside price target and looks poised for a recovery.

“We’ve just hit my downside target… Now let’s bounce please BTC.”

Source: Credible Crypto/X

At time of writing, Bitcoin is trading for $36,519, well above Credible Crypto’s downside target at $35,766.

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The post Crypto Trader Says Bitcoin (BTC) Re-Fueled and Ready for ’Moon Mission‘ – Here’s Why appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ November 19, 2023 8:22 am