The popular crypto analyst predicts a prolonged correction phase for Bitcoin. He also says that the Ethereum and altcoin market could significantly outperform BTC. The analyst, who draws attention with his successful Ripple predictions, predicts a large price rally for altcoin positions. Detail cryptocoin.com‘in.
Will the correction for Bitcoin continue?
The trader, nicknamed Credible, told his 266,400 Twitter followers that Bitcoin is in the middle of its 4th wave correction and that the bull cycle could take two possible paths before launching its last major rally. Analyst: “It doesn’t really matter what kind of structure this Wave 4 creates. “The goal is the same: reaccumulation before the 5th and final wave of this bullish cycle.” Credible relies on Elliott Wave theory, a technical analysis approach that predicts future price action by following crowd psychology, which tends to manifest in waves. According to Credible, Bitcoin’s fourth wave could take the form of a large symmetrical triangle.
According to Credible’s chart, Bitcoin’s correction phase could extend into 2022 and push Bitcoin back to around $35,000. The trader also proposes another pattern where Bitcoin could drop to $40,000 next year before starting its final wave.
The analyst says that as Bitcoin goes through a reaccumulation phase, altcoins are poised to rally under the lead of smart contract platform Ethereum. “As long as ETH/BTC stays at this level, we are poised for some big bullish moves on alt exchanges,” the analyst says.
Looking at Ethereum against the US Dollar, Credible says ETH should reclaim $4,770. Otherwise, the rejection of current prices could start a sell event that pushes ETH below $4,000. Analyst says:
We’re seeing some relief here, but it’s time to be cautious as we approach 4,400 ETH. If we manage to clear the area, we can probably get to the new ATH. However, if we decline, we could see a drop to the middle or below $3,000.
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