dailyhodl.com
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.”
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.”
$XRP is trading for $0.504 at time of writing, up over 1% in the last 24 hours.
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