Despite the rough crypto markets, a popular analyst and trader says this bull cycle is not over yet – and one altcoin in particular is gearing up for a huge rally.
The pseudonymous trader known in the industry as Credible Crypto tells his 219,000 Twitter followers that while fear is widespread, he doesn’t believe that the market has officially entered bear territory.
“When I talk about bear markets, I generally consider those periods of prolonged price depreciation across the board after a completed major impulse. Our major impulse hasn’t completed yet in this case…
I don’t consider every correction in the midst of a macro bull market as a ‘bear market.'”
According to the analyst, Bitcoin has yet to complete the final impulse wave of a bull market, which tells him that Bitcoin has one more massive move up left in its tank.
“I think our drop from $14,000 to $3,800 was our major wave two, and this drop from $64,000 to $28,000 is our major wave four. But yeah, the idea is right – this is a major correction, but expecting another major wave to the upside (wave five) once it’s complete.”
The trader relies on Elliott Wave theory, a technique that attempts to forecast price action by following crowd psychology manifesting in waves. According to the theory, a bull or a bear market has five major impulse waves, where waves two and four are often prolonged corrective periods.
Credible Crypto says the current Bitcoin correction is the fourth wave, suggesting that BTC is due for a final leg up. His target for the top is above $100,000, but below $300.000.
While the crypto trader is still bullish on Bitcoin, he says his idea will be invalidated if Bitcoin drops to $10,000.
As for the altcoin market, the trader says he’s convinced the enterprise-grade distributed ledger project Hedera Hashgraph (HBAR) will soar a minimum of 1,000% this cycle, rising from its current price of about $0.18 to at least $2.00.
“I think it could absolutely hit $10+… Which is why my minimum* target is $2-$5. Could absolutely go much higher. But I would rather aim lower and be happy with a bonus than aim too high and be upset because of my expectations.”
The analyst says the project, which is owned and governed by a council of organizations including Google, IBM, and LG Electronics, is a safer bet than many in the crypto markets.
“…buying hype/meme coins is akin to gambling and is a lot more risky. You can play the Uniswap casino and make 100x more than buying any major crypto out there, but the risk is also 100x more.”
Looking at XRP, the trader says the crypto asset utilized by Ripple is currently trading around a strong support level.
“Yes alts are bleeding, but I’m more focused on BTC at the moment since it will decide the direction we are headed. Also, XRP is still on major HTF (high timeframe) support, so I’m not getting distracted by this lower TF PA (price action).”
With the market correction, Credible Crypto says that now may be a good time to scale into XRP as he believes the pullback is just another shakeout event.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Liu zishan
