The analyst Credible Crypto believes that Bitcoin is showing signs of reversing its recent correction. He suggests that Bitcoin could be setting up for a short squeeze, where traders who borrowed the asset are forced to buy it back as prices move against them, triggering further rallies. Credible Crypto is bullish on Bitcoin as spot market demand rises and open interest remains flat. He shares a chart indicating that Bitcoin may be poised for a surge after briefly dropping below its support at $54,600. At the time of writing, Bitcoin is trading at $55,265.
- Content Editor ( dailyhodl.com )
- 2024-09-09
Trader Predicts Healthy Rise for Bitcoin, Says BTC Flashing Multiple Signs of Potential Bottom Formation