A widely followed cryptocurrency analyst and trader believes Bitcoin (BTC) is gearing up for a big bounce.
The analyst pseudonymously known as Credible Crypto tells his 393,300 followers on the social media platform X that Bitcoin could reclaim the $68,000 level within days.
“Not much has changed here folks, but lots of alts are now hitting my downside targets/bounce zones so things are starting to line up here. Won’t rule out one more spike down into local demand and then expect that relief/reversal to the upside that we have been looking for. Let’s get it.”
Source: Credible Crypto/X
Looking at his chart, the trader suggests Bitcoin will witness one more move below $60,000 before a steep bounce toward resistance at $68,000.
Bitcoin is trading for $62,613 at time of writing, up 2.19% in the last 24 hours.
Next up, the trader says that the cross-border payments network XRP may also see rallies alongside Bitcoin.
“We held the lower trendline from my last tweet but price action is still corrective. As I think we may see some relief across the board, I want to see XRP outperform BTC on this potential move to the upside. If we can get back above $0.64 on a potential BTC relief leg to $69,000-$70,000, then there is a chance that our low at $0.43 (lower trendline) holds on a subsequent leg back down on BTC.
Long story short, if BTC bounces soon as expected, let’s see how strong the reaction on XRP is. If it’s strong enough to get us back above $0.64, then that is a very good sign.”
Source: Credible Crypto/X
XRP is trading for $0.504 at time of writing, up over 1% in the last 24 hours.
Generated Image: Midjourney
