dailyhodl.com
A closely followed crypto strategist believes it is within the realm of possibility for Bitcoin (BTC) to witness an abrupt rally to $68,000.
Pseudonymous analyst Credible Crypto tells his 423,300 followers on the social media platform X that a relief rally is in sight for Bitcoin and the altcoin market.
But the trader warns that the rally will likely be short-lived and that Bitcoin will soon resume its bearish price action.
“As I’ve said I think some relief here shortly across the board would be ideal.
A couple of variations of low-time frame price action I can see playing out in the coming days.
Grand scheme of things: no change to my belief that this is just part of a larger correction to the downside.”
Based on the analyst’s chart, he appears to predict that Bitcoin could rise to as high as $68,000 before plunging to fresh lows below $48,000.
At time of writing, Bitcoin is trading for $61,919.
Looking at Ethereum ($ETH), Credible says the top altcoin’s order book supports his call for a marketwide bounce. According to the analyst, spot investors are stacking buy orders, preventing the price of $ETH from going lower, at least for now.
“Spot bid depth on $ETH is especially juicy.
Increases the odds of some relief across the board soon in my opinion.”
At time of writing, Ethereum is worth $2,409.