A well-known cryptocurrency expert and trader believes that Bitcoin is about to regain its positive momentum.
The trader, known in the industry as Credible Crypto, informs his 235,800 followers that Bitcoin is not in a bear market, despite the king cryptocurrency’s collapse to a 30-day low of $43,285.
No, we aren’t suddenly in a bear market. This was just the area where we were most likely to witness a mid-term rejection.
This level has been on our radar for about two months. Relax, take a deep breath, and start stacking sats (satoshis).”
The analyst refers to a June projection in which he correctly anticipated that Bitcoin would rise above $50,000 before seeing a significant fall.
BTC is building a massive symmetrical triangle, according to the trader’s chart. If BTC follows Credible’s script, it might return $50,000 and then retrace to $45,000 before launching a surge to a new all-time high.
With the mid-term rejection in place, Credible says he’s looking to buy altcoins since he believes the worst of the drop is behind us.
“Given that most of my [altcoins] have just entered their buy zones, I believe the worst of the devastation is over.”
XRP is one altcoin on the trader’s radar, and he claims it has bounced after hitting his buy zone.