A crypto strategist who continues to grow a following with timely Bitcoin calls believes that BTC’s bull market is far from over despite the prevailing bearish sentiment.
Pseudonymous analyst Credible tells his 467,000 followers on the social media platform X that he’s keeping a close watch on the activities of long-term holders (LTHs) of BTC, which are entities holding coins for at least 155 days.
According to Credible, there are signs that LTHs are now gobbling up the crypto king after unloading their BTC stacks for months.
“It’s been three to four months since the last post I made on long-term holder supply, in which I showed that long-term holders had been net distributing on the rise from $68,000-$110,000 BTC.
This distribution almost always occurs during impulsive price action as long-term holders sell into pumps. This is normal/expected in bull markets. We can see that the selling continued aggressively into $110,000 but then began to slow (but continued) into March.
As of April, LTHs have officially begun accumulating BTC once more.
For the last seven months, long-term holders sold into the rip.
Now, they’re buying the dip.”
Source: Credible Crypto/X
As long-term holders take advantage of the market correction, Credible believes that Bitcoin is now gearing up for a rally that could send BTC to new all-time high levels before ending its bull cycle.
“On something like BTC, however, the time to buy spot was much, much lower. Sure, we can go higher this cycle, but upside this cycle is relatively limited (and by that I mean 2-3x from current Ievels) if the top isn’t already in (I don’t believe it is personally).
Best risk/reward level for swing longs (a trade) on BTC is at high time frame demand at $69,000-$74,000 (which we may or may not get).”
But in the short term, Credible predicts that Bitcoin will spark one more leg up before witnessing another downswing.
“Liquidity taken from the upside and approaching the first area of interest at $86,000+”
Source: Credible Crypto/X
At time of writing, Bitcoin is trading for $87,377.
Generated Image: Midjourney
