A widely followed crypto analyst says that Bitcoin (BTC<\/a>) is gearing up to bait BTC bulls with another rally to the upside before eventually retracing.<\/p>\n In a new strategy session, pseudonymous crypto trader Credible Crypto tells<\/a> his 354,400 followers on the social media platform X that he would not be surprised if the king crypto has another surge before it is flushed out.<\/p>\n \u201cInitial rejection here but would not be surprised to see us push back up one more time to take those equal highs before the \u2018real\u2019 flush down begins.\u201d<\/em><\/p>\n In an accompanying video update,<\/a> Credible Crypto further explains his stance, saying that traders should be watching for BTC bursts to the upside that aren\u2019t caused by short squeezes.<\/p>\n According to the trader, the top crypto asset by market cap\u2019s recent rise to $38,000 was the result of a short squeeze that has since finished, setting the stage up for an upcoming dip.<\/p>\n \u201cWhat we want to see on these moves to the upside that we can take more seriously, not necessarily short squeezes but rather spot-driven moves to the upside. Moves to the upside that doesn\u2019t necessarily require shorts being forced to close to get that type of momentum.\u201d <\/em><\/p>\n The analyst then says that he eventually envisions BTC losing momentum and coming back down due to traders with long positions panicking and liquidating.<\/p>\n \u201cFor the first time in a long time, we\u2019ve had a significant rise in open interest from our lows. The last time we had this sort of rise off the lows, what happened? We saw a squeeze right back down\u2026 <\/em><\/p>\n So again, we have a rise in open interest on the move up, which is primarily long [traders] jumping in\u2026 <\/em><\/p>\n What that means is if [BTC\u2019s] price can be forced back down\u2026 we\u2019re probably going to see some of these longs start to panic and start to close and that forces [the] price down even faster.\u201d<\/em><\/p>\n Bitcoin is trading for $37,752 at time of writing, a fractional decrease during the last 24 hours.<\/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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