General correction ahead for crypto markets as bitcoin stalls around $ 54,000, best strategist predicts

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A widely followed crypto strategist is warning traders as he predicts that Bitcoin and the broader digital asset markets are on the verge of taking corrective action.

The trader known in the industry as Credible tells his 247,700 followers that he sees Bitcoin struggling to continue its uptrend just as traders turn bullish on the largest cryptocurrency.

“The financing becomes positive while the price stagnates at the level of the major HTF offer (long delay). Guess what is most likely to happen next. BTC.

Source: Credible / Twitter

A positive funding rate indicates traders are betting heavily on Bitcoin to continue rallying, suggesting too much bullish sentiment. Looking at the trader’s chart, the last time BTC funding turned positive was in September just before Bitcoin went from $ 52,000 to a low of $ 40,000.

Credible postulates that positive funding as well as trading BTC in a key resistance area could be the recipe for a retracement.

The crypto strategist also predicts that Bitcoin will drop to support around $ 50,000 and drag the rest of the markets with it.

“What are you trying to accomplish by desiring resistance [anonymous]? Attention my friends, waiting for a general correction soon. The Alts will likely be hit harder than BTC here. “

Source: Credible / Twitter

While Credible is bearish in the near term, he believes crypto markets will recover once the pullback is over.

“Believe me, you’ll want to be there to pick up the pieces. Find your favorite altcoins and start planning so that when the downside comes you can profit from the sale.

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