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A popular crypto strategist and trader believes that Bitcoin is ready to regain its bullish momentum.
The pseudonymous trader, known in the industry as Credible Crypto, tells his 235,800 followers that Bitcoin is not in a bear market even after the king crypto’s drop to a 30-day low of $43,285.
“No, we aren’t magically in a bear market now lol. This was just the region from which we were ‘most likely to see a mid-term rejection.’
We’ve had this level on our radar for nearly two months now. Relax, zoom out, and stack sats (satoshis).”
The analyst references a forecast that he posted back in June where he accurately predicted that Bitcoin will climb above $50,000 before going through a steep correction.
According to the trader’s chart, BTC is forming a large symmetrical triangle. Should BTC follow Credible’s script, the king crypto could potentially revisit $50,000 and then retrace to $45,000 before launching a rally to a new all-time high.
With the mid-term rejection in place, Credible says he’s looking to buy altcoins as he believes the worst of the correction is over.
“Considering most of my [altcoins] just hit their buy zones, I’m inclined to think the worst of the carnage is over.”
One altcoin on the trader’s radar is XRP, which he says has bounced after hitting his buy area.
“This was just a buy-the-dip opportunity. Those who watched my last Youtube video on $XRP will remember the ‘wick zone.’ Clearly, it did its job.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Oliver Denker