The pseudonymous trader known in the industry as Credible Crypto tells his 219,000 Twitter followers that while fear is rife, he doesn’t think the market has officially Between bear territory.
“When I talk about bear markets, I generally consider those periods of prolonged price depreciation across the board after a major boost has ended. Our major impetus is not yet over in this case …
I don’t think of every correction in the middle of a macro bull market as a “bear market”.
According to the analyst, Bitcoin has yet to complete the latest wave of momentum from a bull market, which tell him that Bitcoin still has a massive move in its reservoir.
“I think our fall from $ 14,000 to $ 3,800 was our big wave two, and this drop from $ 64,000 to $ 28,000 is our big wave four. But yes, the idea is good – it’s a major correction, but another major wave to the upside (wave five) is expected once it is over.
The trader relies on Elliott Wave Theory, a technique that attempts to predict price action by following the psychology of crowds manifesting in waves. According to theory, a bull or bear market has five major impulse waves, where waves two and four are often extended correction periods.
Credible Crypto says Bitcoin’s current correction is wave four, suggesting BTC is due for a final step. His goal for the summit is over $ 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 this He is confident that the Hedera Hashgraph Enterprise Distributed Ledger Project (HBAR) will skyrocket at least 1,000% this cycle, from its current price of around $ 0.18 to at least $ 2.00 .
“I think it could absolutely go up to $ 10 or more… That’s why my minimum goal * is $ 2 to $ 5. Could absolutely go much higher. But I’d rather aim lower and be happy with a bonus than aim too high and be upset with my expectations.
The analyst says the project, which is owned and led by a board 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 much riskier. You can play at Uniswap casino and earn 100 times more than buying any major crypto, but the risk is also 100 times higher.
Looking at XRP, the trader says the crypto asset used by Ripple is currently trading around a high support level.
“Yes the alts are bleeding, but I’m more focused on BTC for now as that will decide which direction we are heading in. Also, XRP is still in major HTF (high delay) support, so I’m not distracted by this TF PA (price action) drop. ”
With the market correction, Credible Crypto this Maybe now is a good time to switch to XRP as he believes the pullout is just another rollback event.
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Image en vedette: Shutterstock/Liu zishan