A following cryptocurrency strategist believes there is a good chance that Bitcoin (BTC) could suddenly rise to $68,000.
Pseudonymous analyst Credible Crypto told his 423,300 followers on social media platform X that a rescue recovery for the Bitcoin and altcoin markets is on the horizon.
However, the trader warns that the bull market will not last long and Bitcoin will soon resume bearish price action.
“Like I said, I think some kind of mitigation across the board right here would be ideal.
We expect to see some variations in price movements on the lower time frame unfold over the next few days.
Overall, my belief remains that this is just part of a larger downside correction. ”
Source: Credible Crypto/X
Based on analyst charts, he seems to predict that Bitcoin could rise to $68,000 before falling to lows below $48,000.
At the time of this writing, Bitcoin is trading at $61,919.
Turning to Ethereum (ETH), Credible said the order books for top altcoins support his call for a market-wide rally. According to the analyst, spot investors have been piling up buy orders, preventing the price of ETH from falling, at least for now.
“ETH’s spot bidding depth is particularly attractive.
In my opinion, we are more likely to get some relief across the board soon. ”
Source: Credible Crypto/X
At the time of writing, Ethereum is worth $2,409.
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