Cryptocurrency analyst and strategist, Credible Crypto, has provided an overview of how Bitcoin (BTC) can regain its upward momentum and surpass its all-time high (ATH) of around $69,000, giving hope to investors.

Anonymous cryptocurrency analyst Credible Crypto stated that Bitcoin bulls successfully defended the critical support level at $25,000 following the Monday's drop. According to the analyst, a potential drop below $25,000 could trigger forced liquidations, which may be seen as a positive move to liquidate long positions in BTC. Credible Crypto stated, "I believe we've reached my first target at this point. The current setup suggests that lower prices are just a 'bonus.' It can drop below $25,000 only if it's driven by forced liquidations. If we break above $27,500, we'll likely see a short squeeze and a reversal of the downtrend."

The analyst stated that they have been buying Bitcoin at current prices, as they predicted that breaking above $27,500 could propel BTC to new all-time highs. They mentioned, "I started buying BTC spot as per the plan. We haven't gone 'below $25,000' yet, but we recorded the recent bottom around $25,800. In simpler terms, there could be a quick pullback to $22,000-$23,000 for liquidations. In my opinion, the downside move will be limited to $20,000 under extreme conditions. If we reclaim $27,500 again, we will see a move towards new all-time highs."

According to Credible Crypto, Bitcoin's recent movement towards $25,000 is "logical and healthy" as it goes against the contrary view that BTC will reach its all-time high this year, leaving many investors sidelined.

At the time of writing, the largest cryptocurrency Bitcoin is trading at $26,761, marking a 3.91 percent increase in the last 24 hours.