A closely followed crypto strategist says he is flipping bullish on Bitcoin (BTC<\/a>) after the king crypto dipped below the $28,000 level.<\/p>\n Pseudonymous analyst Credible Crypto tells<\/a> his 346,700 followers on the social media platform X that BTC will likely reverse its downtrend after finding support at a key level.<\/p>\n \u201cDid you flip bullish at the highs, anon? <\/em><\/p>\n Just as I was short-term bearish at the highs a couple of days ago it\u2019s almost time to shift back to full bull. <\/em><\/p>\n Once we take the equal lows at $27,100 you\u2019re playing with fire if you\u2019re selling\/short imo (in my opinion). HTF (high time frame) bullish above $24,800 means longs are the play under $27,000 imo.\u201d<\/em><\/p>\n The trader also\u00a0warns<\/a> that Bitcoin may dip below the key $27,000 level before the next leg up.<\/p>\n \u201cTargeting $27,100 at minimum with a test of the mid-range at $26,700 seeming highly likely as well. Zooming out for some additional context, you can see that we have tons of liquidity built up below us after taking liquidity above with plenty of rejection wicks to the upside. <\/em><\/p>\n Meanwhile, OI (open interest) is peaking and has hit levels that have marked a local top the last five out of five times. The direction we are headed here is clear imo. The real question is how low we will go. <\/em><\/p>\n Remember still high timeframe bullish and don\u2019t expect $24,800 to be breached. I think we test the midrange and if that holds, our bottom could come \u2018early.\u2019 Otherwise, we may be blessed with a quick push under $26,000 (but above $24,800) for an excellent low-risk, high-reward entry once more.\u201d<\/em><\/p>\n BTC is trading for $27,441 at time of writing, down 0.6% in the last 24 hours.<\/p>\n The trader also looks at Ethereum (ETH<\/a>) against Bitcoin and predicts<\/a> ETH\/BTC is heading even lower in the near term before a trend reversal.<\/p>\n \u201cETH\/BTC is down nearly 30% from when I made this post calling for a 50%-plus drop on the pairing. I know many are eyeing up current levels for a higher low\/bottom on the pairing, but with BTC\u2019s largest upside moves yet to come, we are going much much lower on ETH\/BTC imo. <\/em><\/p>\n After this bleed-down comes a mega melt-up. We get to enjoy the ride on BTC and then have the chance to enjoy a bigger ride on ETH and other alts soon after. Don\u2019t fear it, embrace it.\u201d<\/em><\/p>\n ETH\/BTC is trading for 0.057 BTC ($1,567) at time of writing.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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