Credible Crypto Looks Into What Caused The Latest Bitcoin Crash
A top crypto analyst, known as Credible Crypto, looks into what could be behind the latest Bitcoin (BTC) pullback.
The analyst shared with his 323.2K followers on Twitter that earlier this month when BTC was trading above $47,000, a large scale Bitcoin investor (whale) placed huge buy orders between $40,000 to $44,000.
“A large player has layered bids between $40K – $44K, 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 $32K – $38K, our literal bottom. If price can be manipulated into his bids below, it probs will be.”
Credible Crypto referred to his earlier tweet from April 1, where he projected BTC to correct to around $42K before starting to ascend.
The correction will enable the whale to accumulate Bitcoin at lower prices.
“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 $40Ks and continuation up.”
A large player has layered bids between 40-44k, 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 32-38k, our literal bottom. If price can be manipulated into his bids below, it probs will be. $BTChttps://t.co/hnjzBPhoEFpic.twitter.com/mI6fUcokF3
As BTC price fell, the analyst notes that the whale’s orders 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.”
And so it begins. The finex 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. $BTChttps://t.co/NlOrBAwBILpic.twitter.com/1SVAmtNPyp
While Credible Crypto sees a short-term bearish picture for Bitcoin, he believes that BTC will launch into a rally in the coming days after finding a local bottom.
“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.”
The weekly candle closes in 2 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 LTF break in market structure and then a higher low. $BTChttps://t.co/SYN8UbwafZpic.twitter.com/fMQdpGuVWe
