Strategist Credible warns that Bitcoin and the entire digital asset market are facing a correction.
According to him, Bitcoin is struggling to resume its uptrend as traders turn bullish on the largest cryptocurrency.
“BTC: Funding rate became positive while the prices of the HTF main offer stagnated. Guess what is most likely to happen next. “
The source: Credible / Twitter
Funding rate is positive shows that traders are betting heavily on Bitcoin’s uptrend, indicating excessive optimism. Looking at the graph, the last time fAbsurdity rate becomes positive was in September just before Bitcoin fell from $ 52,000 to just $ 40,000.
The combination with BTC trading in a key area of resistance could signal a pullback.
The analyst also predicts that Bitcoin will fall to the support of around $ 50,000 and the rest of the market will follow suit.
“What are you trying to achieve with long resistance? Be careful as a large-scale fix is coming soon. Altcoins will likely be hit harder than BTC. “
Source: Credible / Twitter
Although Credible is bearish in the short term, he believes the crypto market will rebound once the decline is over.
“Trust me, you’re going to want this to happen to have a chance to pile up. Find your favorite altcoins and start planning so that when a drop appears, you can use the drop. “
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According to Dailyhodl