title: Credible Crypto Strategist Who Continues to Grow a Following with Timely Bitcoin Calls Believes That BTC's Bull Market Is Far From Over Despite the Prevailing Bearish Sentiment

A crypto strategist who continues to grow a following with timely Bitcoin calls believes that BTC's bull market is far from over despite the prevailing bearish sentiment.

A crypto strategist who continues to grow a following with timely Bitcoin calls is keeping a close eye on long-term holder activity as he says the time for BTC to rally is approaching.

Pseudonymous analyst Credible tells his 467,000 followers on X, formerly Twitter, that entities holding coins for at least 155 days are now buying into Bitcoin (BTC) once again.

According to Credible, the LTHs had been busy unloading their BTC stacks for months.

“It’s been 3-4 months since the last post I made on long-term holder supply, in which I showed that long-term holders had been net distributing on the rise from $68,000-$110,000 BTC. This distribution almost always occurs during impulsive price action as long-term holders sell into pumps. It’s normal/expected in bull markets. We can see that the selling continued aggressively into $110,000 but then began to slow (but continued) into March. As of April, LTHs have officially begun accumulating BTC once more. For the last seven months, long-term holders sold into the rip. Now, they’re buying the dip.”

As LTHs are keen on the market correction, Credible says Bitcoin is now setting up for a rally that could send BTC to new all-time high levels before ending its bull cycle.

“On something like BTC, however, the time to buy spot was much, much lower. Sure, we can go higher this cycle, but upside this cycle is relatively limited (and by that I mean 2-3x from current levels) if the top isn’t already in (I don’t believe it is personally). Best risk/reward level for swing longs (a trade) on BTC is at high time frame demand at $69,000-$74,000 (which we may or may not get).”

But in the short term, Credible predicts that Bitcoin will witness one more downswing.

“Liquidity taken from the upside and approaching the first area of interest at $86,000+”

At time of writing, Bitcoin is trading for $87,377.

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