Crypto Analyst Rejects Predictions of Bitcoin Fall to $20,000 – Here's Why He Says the Move Is 'Impossible'
Closely followed crypto strategists are considering the possibility of a significant downside move for Bitcoin ( BTC ) as the crypto king remains above $28,000.
The pseudonymous analyst Credible Crypto told his 346,700 followers on social media platform
“So why is seeing $20,000 or lower on BTC here so unlikely?
If we take the graph below and look at the data we have, we can see that the aggregate OI of around $6 billion has proven to be a historic low (which has been stable for over the past 12 months (marked by a peak of fear/panic at the time of FTX bottom collapsed) and about $11 billion has been the local top.
The last major drop we experienced in August wiped out nearly $3 billion of OI (from $11 billion down to under $8 billion) but still failed to break our last low of $24,800. We are currently trading at almost the same price as when the flush was triggered, however, aggregate OI has now fallen from nearly $11 billion at the time of the flush in August to just $8.5 billion currently.
This means that we are now in the same position we were before the increase to $25,000, but there are now 50% fewer liquidation-prone leveraged positions in the system compared to what was the case in August.”
