A closely watched crypto strategist believes that it is within the realm of possibility that Bitcoin (BTC) will witness an abrupt rally to $68,000.
Pseudonymous analyst Credible Crypto tells his 423,300 followers on social media platform X that a relief rally is in sight for Bitcoin and the altcoin market.
But the trader warns that the rally is likely to be short-lived and Bitcoin will soon resume its bearish price action.
“As I said, I think some relief here soon would be ideal across the board.
I see some variations of low time frame price action happening over the next few days.
The big picture of things: nothing changes 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 as high as $68,000 before plunging to a new low below $48,000.
At the time of writing, Bitcoin is trading at $61,919.
Looking at Ethereum (ETH), Credible says the top altcoin’s order book supports its call for a market-wide rebound. According to the analyst, spot investors are piling up buy orders, keeping the price of ETH from falling, at least for now.
“The depth of the spot bid for ETH is particularly juicy.
In my opinion, this increases the likelihood of some relief across the board soon.”
At the time of writing, Ethereum is worth $2,409.
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