Credible Crypto predicts a rally for BTC in December

Trader and crypto investor Credible Crypto tells his 353,900 followers on platform X that bitcoin is potentially preparing for a powerful rally.

The analyst shares a chart showing that BTC is likely to mimic a pattern last seen a few years ago, when the market’s flagship rose from $ 13,000 to $ 60,000 in just a few months. A similar behavior of the main cryptocurrency was also observed in 2019, when bitcoin grew from $ 4,000 to $ 14,000.

Credible Crypto predicts that bitcoin will rise above $ 42,500 by December 11.

The analyst also noted that spot bitcoin traders seem to be accumulating the drop.

«First, the total OI continues to fall within this narrow range. This indicates that we are getting some deleveraging. This means that liquidity cascades in either direction may not be as significant. This is a healthy trend.

Secondly, Coinbase did not start selling its spots, but rather consistently bought them. This is also good.

Thirdly, we see that despite the net sales of traders in this narrow range (thanks to Binance spot sellers who sold $ 50 million on the market versus $ 20 million for Coinbase), the price remains unchanged. This indicates that we likely have limited buyers absorbing a significant portion of these market sales. This is also a healthy trend.

Finally, financing and perpetual premiums have remained relatively flat, which is also a positive.

Overall, I believe that the [BTC] drop here may not be as deep as initially expected due to the lack of open loans to drive liquidation flows and the clear spot demand we are seeing at these levels," Credible Crypto analyzes.

As of Tuesday, November 28, bitcoin is down 0.83% to trade at $ 37,029. The total number of coins circulating on the market is $ 724.1 billion. Traders made daily trading deals worth $ 18.6 billion. BTC’s market share is 51.7%. The Fear and Greed Index is approaching neutral at 69 points.