A closely-followed crypto trader and analyst predicts a strong bounce in the crypto markets after weeks of sustained selling, noting that the leading altcoin project is poised to recover. Analyst’s shares cryptocoin.com We have prepared for our readers.
Is the leading altcoin getting ready to take off?
The analyst, nicknamed CredibleCrypto, tells his 293,800 Twitter followers that the leading altcoin Ethereum (ETH) has given multiple bullish signals and looks set to rally:
My target zone of $3,000-3,300 has been hit and we are seeing signs of relief coming in right now. There are multiple bullish divergences in lower TF on both USD and BTC pairings. I think the probability of going up from current levels is higher than down. $3,500 (retest of the breakout) is targeted for now.
The crypto analyst, looking at Bitcoin (BTC) versus Ethereum, says that as long as ETH/BTC can stay above the support at 0.07 BTC ($2,984.04), it is generally bullish on the pair and altcoin projects:
People here say ETH/BTC looks awful and I’m just looking at it from afar. As covered in my Youtube video a few months ago, ETH/BTC had a major breakout and ETH (and below) should bounce back hard as long as we are now above this level. I’m collecting.
At the time of writing, the ETH/BTC pair is trading at 0.075 BTC ($3,197.18). The analyst also looks at the extremely high open interest (OI) in Bitcoin, which tracks the total long and short positions held by market participants. The crypto analyst predicts that the next extreme leverage in the market will turn bullish and spark a strong Bitcoin rally:
What if the big OI wipe everyone is looking for happens because of an upward squeeze instead of a downward motion? It happened in August 2021 when it was breaking out of the 30k bottom. Think we’ll probably see this game again. Bears are about to be wiped out.
In August 2021, Bitcoin rose from $37,332 to $51,900 by the end of the month.
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