Credible Crypto, a popular cryptocurrency analyst, made a new statement about Bitcoin (BTC), the largest cryptocurrency by market cap. Here are the analyst’s latest expectations for BTC…
Credible: Bitcoin prepares for parabolic surge
According to a prominent analyst known as Credible, Bitcoin’s recent lackluster price action may be setting the stage for a significant parabolic surge. In a new video, Credible tells his Twitter followers that Bitcoin likely forms a base for a parabolic surge. He predicts that Bitcoin could drop as low as $25,000 and still ignite the next phase of its parabolic rally. The biggest consolidations are taking place at the base of these parabolas. This slow rise is not expected when Bitcoin starts to rise to $30,000, $40,000 or $50,000. Credible expects the ascent to be swift, aggressive and faster than most expected, catching many off guard.
Credible believes that Bitcoin will consolidate in a narrow trading range over the next two months before hitting all-time highs. By July, after a maximum of two months, the price should be on the rise again and another move from $19,300 to $30,000 could take Bitcoin to $40,000. According to Credible, once Bitcoin hits $40,000 or $50,000, nothing will stop it from hitting an all-time high.
What do the latest developments in the BTC network point to?
Meanwhile, on-chain analytics firm Santiment states that Bitcoin has been heavily shorted on BitMEX. The funding rate on BitMEX remains at its most negative. As a result, big bets are made against price, according to Santiment. According to the data, prices are more likely to rise when an overwhelming majority assumes that Bitcoin will fall. Strong buying pressure can cause a short squeeze that drives short sellers out of the market.
😮 #Bitcoin's funding rate on @BitMEX is seeing its most negative ratio since the heavy bets against prices in mid-March, just before prices soared. Generally, price rise probabilities increase when the crowd overwhelmingly assumes prices will be dropping. https://t.co/HbTcSouRsU pic.twitter.com/bu1dNDFTcU
— Santiment (@santimentfeed) May 10, 2023
cryptocoin.com As we reported, another analytics firm IntoTheBlock took a closer look at the on-chain situation for Bitcoin. It found that there wasn’t much historical demand below the current price level until around $24,000. This may suggest that if the BTC price dips below current levels, it may not have strong buying support. However, stronger buying is seen in the ranges up to $30,000, which is in line with indications that long-term holders are not selling at these levels.
You may have noticed some weakness in the market lately, with altcoins in particular taking a hit (excluding memecoins). However, as Bitcoin remains the determining factor for most assets, let's take a closer look at the on-chain situation for #BTC .
In the image below, you can… pic.twitter.com/hAatBo6XXf
— IntoTheBlock (@intotheblock) May 10, 2023
The percentage of Bitcoin holders in profit has decreased over the past month and is now at 64.98 percent, the lowest point since March. However, similar declines in owners’ profits this year were relatively short-lived due to increased buying pressure. Investors are following the US Federal Reserve’s (FED) CPI announcement for clues on the decision-making process at its next policy meeting in June. The Federal Funds rate was increased by 25 basis points earlier this month to its highest level in 16 years. Bitcoin fluctuated sideways at around $27,000 as investors awaited the latest US inflation report on Wednesday.
