Bitcoin To Repeat 2020-2021 Rally

It has been reveald that Bitcoin is about to repeat the massive rally from 2020-2021. Check out the latest reports about the price prediction of the most important digital asset out there.

A trader who is rapidly growing his following with his timely Bitcoin (BTC) calls, believes the crypto king is preparing for a repeat of its parabolic rally that we saw between late 2020 and early 2021.

The pseudonymous analyst, Credible Crypto, informs his 353,900 followers on the social media platform X that Bitcoin could be on the verge of a significant upward surge.

The analyst shares a chart indicating that BTC appears to be emulating a pattern last witnessed a few years ago when Bitcoin soared from around $13,000 to $60,000 in just a few months. The pattern was also observed in 2019 when Bitcoin rallied from $4,000 to $14,000.

“About to make it 3/3.”

Based on the analyst’s chart, it appears that Bitcoin is likely to rally above $42,500 by December 11th. Credible Crypto is not only considering the market structure but also other data sources, which support his bullish bias.

The analyst claims that Bitcoin’s open interest (OI), which tracks the total number of outstanding Bitcoin futures and options contracts, indicates that highly leveraged traders have already suffered losses.

Additionally, he points out that spot Bitcoin traders seem to be accumulating the dip.

“First, aggregate OI continues to fall within this tight range, indicating we are getting some de-leveraging here which means liq cascades in either direction may not be as significant. This is healthy.

Second, Coinbase has not begun selling off its spot and rather has been consistently buying since my last post. This is healthy.

Third, we can see that despite takers net selling within this tight range (thanks to Binance spot sellers who have market sold $50 million vs Coinbase’s $20 million in buys) price has remained flat, indicating we likely have limit buyers absorbing a significant portion of these market sells. This is also healthy.”

He continued and said the following:

“Finally, funding and perpetual premiums have been relatively flat since my last post as well, also healthy.

Overall, I think that dips here may be even more shallow than originally anticipated due to the lack of OI to induce liquidation flushes and the clear spot demand we are seeing at these levels.”