Analyst Says Bitcoin May Be Tracking Path of Explosive AI-Based Altcoin – Here’s His Outlook
A popular crypto strategist believes that Bitcoin (BTC) could be following in the footsteps of an artificial intelligence (AI)-focused altcoin that’s printing massive gains this year.
Pseudonymous crypto analyst Cred tells his 337,200 Twitter followers that Bitcoin could be mirroring the price action of Fetch.ai (FET), a decentralized machine-learning network that’s up a whopping 433% this year.
“This. Exactly this. Here is a side-by-side comparison to illustrate. All of a sudden, a final fifth wave blow-off top to new all-time high this year doesn’t look so crazy does it? BTC doesn’t have to mimic FET exactly but if it were to, [it] would look something like below.”
Looking at the analyst’s chart, it appears that he’s predicting a brief pullback for BTC before the king crypto explodes to above $44,000 in the coming months.
At time of writing, Bitcoin is trading for $22,795, suggesting an upside potential of nearly 100% for BTC should it hit Credible’s target.
The crypto strategist is also keeping a close watch on the governance token of stablecoin-focused decentralized exchange Curve Finance (CRV). According to the trader, CRV appears to be taking a breather before it resumes its strong uptrend toward his target of $1.80.
“Don’t get complacent on CRV here. Since my last post, we have simply been consolidating above a reclaimed level. Basing out before continuation to upper targets, in my opinion. Consolidation is necessary for continued strength/expansion.”
At time of writing, CRV is worth $1.05.
Another altcoin on the trader’s radar is Hedera (HBAR), a public network for peer-to-peer payments. The analyst thinks that HBAR is likely due for a dip before it resumes its rally en route to $0.18.
“To make it clear – these are my expectations. Not expecting much downside, consolidation and continuation up to $0.13 and then $0.18-ish.”
At time of writing, HBAR is trading for $0.068, still above Credible’s support area.
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