A widely followed cryptocurrency analyst and trader is issuing a warning on altcoins.
The analyst pseudonymously known as Credible Crypto tells his 404,000 followers on the social media platform X that it is within the realm of possibility for Bitcoin (BTC) to fall by around 22% from the current level.
According to the analyst, a deep Bitcoin correction could have a catastrophic impact on altcoins.
“If BTC does start to gain momentum to the downside and does take its own lows into $53,000 – expect a pretty aggressive move down on altcoins across the board along with it.”
Looking at the trader’s chart, he seems to suggest that Bitcoin’s latest rally has ended and that BTC is headed toward a significant pullback.
Bitcoin is trading at $67,759 at time of writing.
On how the altcoins will potentially react after the correction, Credible Crypto says,
“For some altcoins, this move down is likely just temporary before a strong recovery. For others, it may be the start of a more significant bleed down.”
The widely followed crypto analyst and trader says that if Bitcoin drops to his target, the development would present a “major opportunity” as he expects the flagship digital asset to eventually surge to a price of over $100,000.
The pseudonymous analyst and trader also says he’s more bearish on Ethereum (ETH) than Bitcoin.
“I’m much more confident in seeing ETH take its lows than I am in seeing BTC take its own lows into $53,000.
With the amount of weakness we are seeing on ETH right now, it’s certainly possible ETH sees new local lows (sub $2,800) while BTC makes a higher low.”
Ethereum is trading at $3,248 at time of writing.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: DALLE3
Read the full article here
Follow us on Google News to get the latest Updates
