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A closely followed crypto strategist thinks that it’s about time for Bitcoin (BTC) to steal liquidity from altcoins.
Pseudonymous analyst Credible tells his 382,300 followers on the social media platform X that a parabolic rally to a six-figure price tag is in sight for Bitcoin.
“It’s time for alts to make way for king BTC again.
Who’s ready to get this parabolic show on the road?”
Source: Credible/X
Credible uses the Elliott Wave theory, which states that a bullish asset tends to complete five-wave rallies before a period of consolidation. Looking at the trader’s chart, he seems to predict that BTC will rally close to $105,000.
Zooming in, Credible thinks that Bitcoin will see a short-lived rally to the $70,000 price range fueled by traders taking on leverage.
According to the analyst, Bitcoin’s open interest (OI) – which tracks the total number of outstanding derivatives contracts for a given asset – is on the up and up, suggesting that the rally will likely be followed by a move down to around $63,000 to flush out excessive leverage.
“Funding is still flat-lined/healthy however it’s worth noting that OI is starting to build up again within this range.
If we see an accompanying rise in OI as we take our local highs, we have to consider that we may see another flush to the downside after and that we may not be quite ready for expansion just yet.
Doesn’t change much on a higher time frame – just means we have to be a little patient here on BTC for some more days and the $63,000 BTC region may be tested once more.
For now though, eyes on our local highs.”
Source: Credible/X
At time of writing, Bitcoin is trading at $65,768, a 1.68% decrease on the day.
Generated Image: DALLE3
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