Altcoins
Analyst Issues Crypto Warning, Says Catalyst Could Trigger ‘Aggressive Decline’ in Altcoins
A widely followed cryptocurrency analyst and trader issues a warning about altcoins.
The analyst known by the pseudonym Credible Crypto tell his 404,000 followers on social media platform X that he is within the realm of possibility for Bitcoin (Bitcoin) is expected to fall by about 22% from the current level.
According to the analyst, a deep correction in Bitcoin could have a catastrophic impact on altcoins.
“If BTC starts to gain some downside momentum and hits its own lows at $53,000, expect a pretty aggressive downside move across altcoins as a whole.”
Source: Credible Crypto/X
Looking at the trader’s chart, it seems to suggest that Bitcoin’s latest rally is over and BTC is headed for a significant pullback.
At the time of writing, Bitcoin is trading at $67,759.
On how altcoins will potentially react after the correction, Credible Crypto says:
“For some altcoins, this drop is likely just temporary before a strong recovery. For others, this could be the start of a bigger drop.”
The widely followed crypto analyst and trader says that if Bitcoin falls to its target, the development would present a “major opportunity” as he expects the flagship digital asset to eventually reach a price of over $100,000.
The pseudonymous analyst and trader also says he is more pessimistic about Ethereum (ETH) than Bitcoin.
“I am much more confident in seeing ETH hit its lows than I am in seeing BTC hit its own lows at $53,000.
“With the level of weakness we are currently seeing in ETH, it is certainly possible that ETH will make new local lows (under $2,800) while BTC makes a higher low.”
Ethereum is trading at $3,248 at the time of writing.
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