- Credible Crypto says believes that Bitcoin’s (BTC) recent correction is designed to weed out weak hands
- Credible Crypto says that the second-largest cryptocurrency has yet to carve a bottom
Popular crypto trader, investor, entrepreneur and analyst Credible Crypto says believes that Bitcoin’s (BTC) recent correction is designed to weed out weak hands. A tweet from the analyst says that that he thinks the number one cryptocurrency is likely to move down to about $9,600 and fill an open gap on the CME chart.
Additionlly, it also appears as if the CME gap fill prophecy will come true (sub $10,000). As per the crypto analyst, ETH hasn’t hit a minimum target ($360), and he doesn’t think it drops without Bitcoin dipping along with it. Regardless, he thinks ‘we are on HTF support, and I expect it holds.’
While the trader believes that Bitcoin may have more downside potential, the cryptocurrency is indicative of a long-term bull signal as the coin appears to be converting a former resistance into support considering the higher timeframe.
When it comes to Ethereum, Credible Crypto says that the second-largest cryptocurrency has yet to carve a bottom. However, despite meeting $360, he doesn’t think the bottom is in for Ethereum. There certainly is a chance ‘if we can push above $408’, but for now, he thinks it is drifting lower into the abyss.
The analyst even anticipates that ETH will trade below the $300 level. Talking about Ripple’s XRP, Credible Crypto thinks that the end of the correction for Ripple’s native token is already in sight. There is a reason why other altcoins have held up fairly well through this drop, and that BTC and XRP haven’t made lower lows as yet. “It’s almost time.”
Later, the trader tweeted that several followers thanked him for calling the $ETH drop. However, Credible Crypto also added that he will obviously not get the deductions correct every time, and hence advised not following the predictions ‘blindly’.
In his latest tweet at the time of writing this article, Credible Crypto says that $BTC likely to ‘$10,650 ish’ and ‘$ETH to $360 ish’. According to the analyst, breaking those levels could mean that the bottom MAY be in, while failing to do so could mean we get one final leg down. Regardless of that, he opines that ‘the worst is now over’.
Citing examples of $BAND, $LINK, $ETH, etc, Credible Crypto has also shared that the assets that rose the fastest and the highest have the most room to fall during a major market correction, but generally speaking, this doesn’t reflect on their fundamentals.