A popular pseudonymous crypto analyst is warning traders about the short-term prospects of Bitcoin and the rest of the crypto markets.
The trader, known in the industry as Credible Crypto, tells his 127,600 Twitter followers that he’s expecting Bitcoin (BTC) to resume its corrective phase and drag the entire altcoin market along with it.
“A further push down into the $38,000 – $40,000 region would be incredibly HEALTHY and would set us up beautifully for bullish continuation. Don’t fear the drop. Embrace it. BTC.”
The trader, who uses Elliott Wave Theory to assess market trends and investor behavior, says BTC can invalidate his bearish bias if the leading crypto asset can recover a key level.
“If/when we clear $52,000 we can talk about the bottom potentially being in. Until then, look out below. BTC.”
As for XRP, Credible believes it will likely drop over 43% from its current price of $0.43 before igniting a massive move up.
According to the trader’s chart, he expects XRP to drop to support around $0.30 before launching a bullish rally that could potentially double its value.
His long-term bullish stance on XRP would be invalidated if it plummets below $0.24.
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Featured Image: Shutterstock/Tithi Luadthong
