Crypto Analyst Who Predicted $ 52,000 Bitcoin Rejection Says Worst Of The Carnage Is Over

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A popular crypto strategist and trader believes Bitcoin is ready to regain its bullish momentum.

The pseudonymous trader, known in the industry as Credible Crypto, tells his 235,800 followers that Bitcoin is not in a bear market even after the crypto king fell to a 30-day low at $ 43,285.

“No we’re not magically in a bear market now lol. This was only the region from which we were “most likely to see a mid-term rejection”.

We’ve had this level on our radar for almost two months now. Relax, zoom out and stack the sats (satoshis). “

Source: Credible Crypto / Twitter

The analyst is referring to a forecast he released in June where he accurately predicted Bitcoin would climb above $ 50,000 before experiencing a sharp correction.

According to the trader’s chart, BTC forms a large symmetrical triangle. If BTC followed Credible’s script, the crypto king could potentially revisit $ 50,000, then return to $ 45,000 before starting a rally to a new all-time high.

With the mid-term rejection in place, Credible says he’s looking to buy altcoins because he believes the worst of the correction is over.

“Considering most of my [altcoins] just hit their buying zones, I’m inclined to think the worst of the carnage is over.

One altcoin on the trader’s radar is XRP, which he says rebounded after hitting his buy zone.

“It was just an opportunity to buy the downside. Those who watched my last Youtube video on $ XRP will remember the “wicking zone”. Obviously, he did his job.

Source: Credible / TwitterDon’t Miss a Beat Subscribe to receive crypto email alerts straight to your inbox Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix Check. Investors should do their due diligence before making high risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are at your own risk and that any loss you may suffer is your responsibility. The Daily Hodl does not recommend buying or selling 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 / Oliver Denker

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