Crypto analyst Credible told his 329,600 Twitter followers that bitcoin is likely preparing for another drop.
The $34,000 low is almost passed, so now we’re seeing a flush to $29,000-32,000 along with the execution of this Bitfinex crypto-kit’s bids. The dude doesn’t miss.
This post is just so you guys don’t blow up my phone asking what’s going on. But I don’t expect the $28,000 lows to be tested.
Credible is referring to a major Bitfinex user he’s been following for more than a month. According to the cryptostrategist, the organization’s buy orders, which are often well below the current BTC price, are almost always reached by the market.
Credible reported that a deep-pocketed investor placed buy orders below $34,000.
He expects the worst. That doesn’t mean we MUST get down to these levels…but as stated earlier, these orders have been executed more often than not, so I think it’s more likely that we’ll see these levels than before.
The cryptocurrency strategist is also keeping a close eye on CRV, the steablecoin-focused management token of the decentralized exchange Curve Finance. Credible cautions CRV holders that the altcoin’s market structure may not hold up if BTC triggers another sell-off.
I hit my targets on this drop, but BTC is still holding in the mid-$30,000s. I was hoping that BTC would make a decisive move up, but now in the short term you have to be careful with CRV. If BTC makes another downward spiral, this upper low may not hold.