Crypto analyst Credible Crypto, closely followed by crypto investors, stated that Bitcoin (BTC) is ready for a rise after dropping below the $28,000 level. The analyst also issued a warning about the ETH/BTC trading pair.
Analyst Answers the Question “What’s Next for Bitcoin?”
Anonymous crypto analyst Credible Crypto expressed on his personal account on social media platform “X” that BTC is at a key support level and expects a reversal of the downward trend. In his comments about BTC, the analyst said:
Were you expecting a rise when the price was at its highest levels? Just as I mentioned a few days ago that I expected a short-term decline when the price was at its highest levels, now I’m saying it’s almost time to return to a bull market. Considering that the equal bottoms are around $27,100, selling at these levels could be risky. If the price is above $24,800 on a higher time frame, it means that a long-term uptrend may begin.
The analyst warned that Bitcoin may experience a quick pullback below the $27,000 level before moving upwards for its next bullish move:
With the mid-range test around $26,700, it is quite likely that the target will be at least $27,100. When looking at a broader perspective, you can see that there is liquidity under a lot of selling pressure after accumulating above. At the same time, open interest (OI) is peaking, indicating the levels that point to the last five local tops. We are at a point where the direction is quite clear. The main question is how much we will decline.
In order for the bullish outlook on a higher time frame to remain intact, the price must not fall below $24,800. Currently, we are retesting the mid-range, and if the price stays above this range, we may hit the bottom sooner. Otherwise, a quick pullback below $26,000 can provide an excellent low-risk and high-reward entry opportunity.
Warning of Further Decline in ETH/BTC Trading Pair
The analyst also examined Ethereum against Bitcoin (ETH/BTC) and warned that it may further decline in the short term before the dominant downtrend turns into an uptrend:
Since I shared this post where I predicted a decrease of more than 50% for ETH/BTC, it has dropped about 30%. I know that many people see these levels as a bottom, but I think ETH/BTC will further decline before Bitcoin’s major upward movements occur.
After this decline, there will be a significant melt-up. While waiting for Bitcoin to start its journey, I believe ETH and other altcoins will have the opportunity to enjoy a bigger journey. Don’t be afraid of this upcoming decline, consider it as an opportunity.
