Whale Games? Top Crypto Strategist Says This Is Driving Current Bitcoin (BTC) Correction


A closely followed crypto strategist and trader is unveiling what he believes is the catalyst behind Bitcoin’s latest pullback.

Pseudonymous analyst Credible told his 322,500 Twitter followers earlier this month while Bitcoin was still trading above $47,000 that a deep-pocketed investor has placed massive buy orders between $40,000 to $44,000.

Track live crypto price of 10000+ coins!


“A large player has layered bids between $40,000 – $44,000, in line with the retest of our weekly level mentioned in my tweet below. Seems to be the same entity that filled a ton of bids at $32,000- $38,000, our literal bottom. If price can be manipulated into his bids below, it probably will be. BTC.”

Image
Source: Credible/Twitter

The crypto strategist was referring to a tweet he posted on April 1st where he predicted a Bitcoin pullback to around $42,000 before the next leg up.

According to Credible, the correction will allow the large entity to accumulate BTC at lower levels.

“With this last weekly close, we have reclaimed a very significant level. The last four times we closed above or below this level on the high timeframe, we have moved to the opposite end of the range over a number of weeks. Expecting the same this time – a retest of low $40,000s and continuation up. BTC.”

Image
Source: Credible/Twitter

With Bitcoin now trading around $42,000, Credible says that the orders of the large entity are getting filled.

“And so it begins. The Bitfinex whale fills his plate with fresh bear steaks. The spikes in volume at the bottom of the chart indicate that the bids are not spoofs – they are being filled. BTC.”

Image
Source: Credible/Twitter

Although Credible paints a short-term bearish picture for Bitcoin, he predicts a BTC rally in the coming days after the correction completes.

Related:  SEC Chair Predicts Other Cryptocurrencies Will Mimic Terra's Downfall and Harm Investors

“The weekly candle closes in two days, and we want to close inside/above the BLUE region shown here to maintain this as a bullish retest. Intra-week we can go lower – it’s the close that matters. Further confirmation on a low timeframe break in market structure and then a higher low.”

Image
Source: Credible/Twitter

The crypto strategist also cites data from Glassnode showing the increasing amount of Bitcoin that have stayed dormant for over a year.

“It’s okay to be a [bear] just don’t be one here. BTC.”

Image
Source: Plan C/Twitter

Looking at the chart, Bitcoin has historically launched a strong bull rally every time the metric hits the green region.

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp
Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/WhiteBarbie/mim.girl




Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: