A popular cryptocurrency analyst warns traders about Bitcoin’s short-term prospects and the rest of the market.
The trader, known in the industry as Credible Crypto, tells his 127,600 Twitter followers that he expects Bitcoin (BTC) to continue its correction and drag the entire altcoin market with it:
“Landing into the $ 38,000 – $ 40,000 zone would be incredibly HEALTHY and well prepared for the continuation of the ascent. Do not be afraid of the fall. Embrace. “
Using the Elliott Wave Theory to evaluate market trends and investor behavior, the trader says that if the leading cryptocurrency can regain a critical level, it can override the bearish trend.
“If we can clear $ 52,000, we can ignore the bottom potential. But until then, look down. “
As for XRP, Credible believes it will fall over 43% from its current price of $ 0.43 before launching a massive rise.
According to the chart, the trader says that XRP may fall first to the support zone at 0.30 and from there it can initiate a rally that will double its price.
The trader added that this scenario will be invalid if XRP falls below $ 0.24.