Popular Crypto Analyst Issues Major Bitcoin Alert, Says BTC Ripe for a Flush Down Heres Why

[ad_1]

A widely followed crypto strategist and trader predicts a bearish period for Bitcoin (BTC) in the short term.

Pseudonymous crypto strategist Credible Crypto tells his 340,500 Twitter followers that Bitcoin is about to fall.

According to Credible Crypto, Bitcoin is currently below a critical resistance level after a rally that occurred following a short squeeze over the US Memorial Day weekend.

The analyst says that while Bitcoin might rise, it will only change its stance from bearish to bullish if the Chicago Mercantile Exchange (CME) gap just above the $29,200 area is recovered.

BTC is currently trading BELOW a key resistance zone after rising primarily driven by a short squeeze over a low-liq long weekend with nearly even lows below and overall open interest at $9.2B (danger zone).

We are ripe for a flush down in my opinion.

May trade a little higher in the bid and/or exploit that small CME gap above, but until/unless we get a decisive recovery from the red zone I have to tip lower short term here.

Source: Credible Crypto/Twitter

CME spreads are a spread between the spot price and the futures price of Bitcoin. They occur when the Bitcoin futures price opens below or above the previous days close price on the Chicago Mercantile Exchange, this occurs since the CME is closed on weekends and federal holidays so that the cash market operates non-stop.

When it comes to Ethereum (ETH), the crypto analyst says the chances of the second-largest crypto asset by market cap hitting its ideal upside target of over $2,000 will depend on how Bitcoin prices move.

We’ve gotten some relief on ETH as expected, we haven’t quite hit the ideal upside target, but whether or not we get there will also depend on BTC here, as it’s at a inflection point in my opinion. If BTC bottoms, I don’t expect ETH to hit the ideal upper target here before heading down. If BTC can hold here and keep moving higher, the relief from alts like ETH should continue.

Source: Credible Crypto/TwitterDon’t Miss a Beat Subscribe to receive crypto email alerts straight to your inbox Check the price action Follow us on Twitter, Facebook and Telegram Surf to The Daily Hodl Mix Check the latest news headlines Disclaimer: Opinions expressed at Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Generated Image: Midjourney

[ad_2]