Analyst Announces Expectation for BTC

Cryptocurrency analyst Credible Crypto called Bitcoin investors ahead of a bull run, saying that he expects a pullback in price.

Credible Crypto pointed out that with the help of a chart shared on his Twitter account, the funding rate has become neutral and lower timeframes show that investors need a little more pullback before the next bull run. According to the analyst, BTC may want to continue its rise by pulling back to a point in the $16,700 to $16,450 range.

As Credible Crypto points out, many market experts and analysts interpret Bitcoin’s being stuck in a tight range and unable to move upwards as a harbinger of decline. Bitcoin price continues to move sideways as investors are unsure whether the cryptocurrency market has bottomed out. While analysts believe that the cryptocurrency market has already bottomed out amid the collapse of giant cryptocurrency exchange FTX, it seems that big investors do not believe the same. In an alert passed by whale tracker service Whale Alert on Dec. 10, it was seen that a whale transferred 9,901 BTC worth $170 million to cryptocurrency exchange Kraken.

On-chain data shows that Bitcoin price could bottom at $12,800. In addition, top Bitcoin analysts Michael van de Poppe and “Wolf of the Wall Street” Jordan Belfort predict that if the BTC price exceeds $ 18 thousand, the real rally will begin. Also, they have marked $16,500 as the critical support level for Bitcoin. A persistent price spike is often accompanied by whales holding their BTC without selling. However, whales have been responsible for about 80 percent of Bitcoin sales since June. As a result, the market cycle change could cause the whales’ sales to drop significantly and the downtrend might change direction strongly, turning it into an uptrend.

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