A widely followed crypto strategist is putting traders on notice as he predicts that Bitcoin and the entire digital asset markets are poised for a corrective move.
The trader known in the industry as Credible tells his 247,700 followers that he sees Bitcoin struggling to continue its uptrend just as traders turn bullish on the largest cryptocurrency.
“Funding flipping positive while price stagnates at major HTF (high timeframe) supply. Guess what is most likely to happen next. BTC.”
A positive funding rate indicates that traders are heavily betting on Bitcoin to continue rallying, suggesting an overly bullish sentiment. Looking at the trader’s chart, the last time BTC’s funding turned positive was in September just before Bitcoin dropped from $52,000 to a low