The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Top Crypto Analyst Predicts Extended Corrective Phase for Bitcoin, Says Ethereum and Altcoin Market May Dramatically Outperform BTC

by Daily Hodl Staff
November 21, 2021
in Altcoins, Bitcoin, Ethereum

A popular crypto strategist and trader is predicting a prolonged correction for Bitcoin as altcoins positions for a major price rally.

Pseudonymous trader Credible tells his 266,400 Twitter followers that Bitcoin is in the midst of a wave 4 correction and could take two possible paths before igniting the last big rally of its bull cycle.

“19 months later, and here we are. It really doesn’t matter what type of structure this Wave 4 forms. The purpose is the same: re-accumulation before the 5th and final wave of this bullish cycle.”

The trader relies on the Elliott Wave theory, a technical analysis approach that predicts future price action by following crowd psychology that tends to manifest in waves. According to Credible, Bitcoin’s fourth wave – the final corrective move before BTC’s last major leg up – could take the form of a large symmetrical triangle.

Image
Source: Credible/Twitter

Based on Credible’s chart, Bitcoin’s corrective phase could extend deep into 2022 and may push Bitcoin back to around $35,000.

The trader is also suggesting another pattern where Bitcoin could drop to around $40,000 by next year before starting its final wave.

Image
Source: Credible/Twitter

While Bitcoin goes through a reaccumulation phase, he says altcoins are primed to rally spearheaded by smart contract platform Ethereum.

“As long as ETH/BTC holds this level we are setting up for some major bullish action on alts.”

Image
Source: Credible/Twitter

Looking at Ethereum against the US dollar, Credible says ETH must reclaim $4,770. Otherwise, a rejection around current prices could start a sell-off event that drives the value of ETH below $4,000.

“We are seeing some relief here, but as we approach $4,400 ETH. it’s time to be cautious. I’ve locked in some gains here. If we manage to clear the zone, we are probably good to go to new ATH (all-time high), but if we reject, we could see a drop back to mid-$3,000 or lower.”

Image
Source: Credible/Twitter
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
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 loses 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/dani3315

Submit a Press Release

Industry Announcements

  • Open-Source Blockchain D-Ecosystem Raises $6 Million Ahead of IDO on March 29, 2023
    March 27, 2023
  • Bitget Becomes the First Centralized Exchange To Offer Financial Transparency Through Space and Time
    March 27, 2023
  • OKX Launches Turkish Lira Deposits and Withdrawals
    March 27, 2023
  • Cardano’s Top NFT Marketplace JPG.Store Announces Plans To Empower More Artists Globally
    March 27, 2023
  • Narwhal Finance Secures $1 Million in Seed Funding Led by Animoca Ventures
    March 24, 2023
  • Sports Prediction App Pooky Launches Full Version of Its Play-and-Earn Game
    March 23, 2023
  • StormGain Launches StormGain DEX for User-Friendly Decentralized Crypto Trading
    March 23, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,131.27
$27,131.27
2.74%
Ethereum
$1,717.57
$1,717.57
2.96%
Cardano
$0.344058
$0.344058
3.48%
XRP
$0.469557
$0.469557
4.18%
Dogecoin
$0.072963
$0.072963
2.43%

Spotlight

  • Top Crypto Analyst Benjamin Cowen Maps Path Forward for Bitcoin (BTC) – Here Are His Targets
    March 24, 2023
  • $12,000,000,000 Asset Manager Says Investors Flocking to Bitcoin and Crypto Amid Global Banking Fallout
    March 24, 2023
  • Dogecoin (DOGE) Unveils Massive Update To Ease Development of the Leading Meme Coin
    March 24, 2023
  • Coinbase Predicts a Longer Crypto Winter – Cross-Chain Liquidity Can Save the Day
    March 24, 2023
NBX Warsaw Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl