Bitcoin

KOL Credible predicts a longer correction for Bitcoin, but believes ETH and Altcoins could significantly outperform BTC

A prominent analyst predicts a sustained correction for Bitcoin, but believes that altcoins will benefit.

An industry insider named Credible told its 266,400 Twitter followers that Bitcoin is in the middle of a wave 4 correction and could move in two directions before triggering the last big bull run in its bull cycle.

“19 months later, and here we are. It really doesn’t matter what type of structure this wave 4 will form. The goal is the same: to pile up again before the start of wave 5, the last wave of this bullish cycle. ”

The analyst relies on Elliott Wave Theory, a method of technical analysis that predicts future price movements by analyzing the sentiment of the crowd across each wave. According to Credible, Bitcoin’s fourth wave – the final correction before BTC’s final rally – could take the shape of a large symmetrical triangle.

The source: Credible / Twitter

Based on the Credible chart, Bitcoin’s correction phase could last until 2022, pushing Bitcoin back by around $ 35,000.

The analyst also suggests another pattern where Bitcoin could drop to around $ 40,000 before the start of its final wave.

Source: Credible / Twitter

As Bitcoin goes through an accumulation phase, he said that altcoins would come into the limelight and be led by the smart contract platform Ethereum.

“As long as ETH / BTC holds above this level, it will set the stage for some significant upward moves in Alts.”

The source: Credible / Twitter

Looking at the ETH / USD pair, Credible says the ETH needs to reclaim $ 4,400. Otherwise, a rejection around the current price level could trigger a sell-off event that will cause the ETH price to drop below $ 4,000.

“ETH is having some relief rallies here, but was sold as it neared the $ 4,400 mark, which suggests it is time to be careful. I closed a small part of the profit here. However, if the price breaks above this zone, the next target is a new ATH level. Otherwise, ETH could drop to $ 3,000 or less. ”

The source: Credible / Twitter

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.