One of the closely followed analysts in the cryptocurrency world, Credible Crypto, shared potential negative price movements for Bitcoin with his thousands of followers on X, despite the current uptrend in the market. According to the analyst, Bitcoin’s (BTC) price could drop by approximately 22% from its current level.
How Much Will Bitcoin Be?
While analyzing Bitcoin, the analyst also discussed the potential consequences of this situation. According to the analyst, a price drop in BTC could have a significant negative impact on altcoins.
If BTC starts to gain downward momentum and falls to $53,000, a very aggressive drop in altcoins can also be expected.
When examining the graph shared by the analyst (above), the situation does not look very promising. According to the analyst, the price rally in Bitcoin may have ended, and a significant pullback in BTC’s price could occur.
Looking at the Bitcoin price, a noticeable increase was observed in recent minutes, approaching the $69,000 level. As of the time of writing, BTC is trading around $68,842, with the market cap exceeding $1.359 trillion. Despite this, the trading volume is at $24.449 billion after a 27% drop.
After commenting on BTC, Credible Crypto turned his attention to potential price movements in altcoins and shared with his followers how altcoins might react after a correction in Bitcoin:
For some altcoins, this drop will likely be temporary before a strong recovery. For others, it could be the beginning of a more significant decline.
Despite the potential drop, the analyst does not seem to adopt a pessimistic stance, suggesting that this situation could be seen as a buying opportunity. According to the analyst, Bitcoin could rise to the $100,000 level.
Analyst’s Ethereum Comment
After Bitcoin, the analyst also commented on Ethereum (ETH), stating that ETH has a clearer downward trend than Bitcoin and added:
I am much more confident in seeing ETH’s lowest levels than seeing BTC raise its lowest levels to $53,000. With the amount of weakness we are currently seeing in ETH, it is definitely possible for ETH to see new local lows (below $2,800) while BTC makes a higher low.
Looking at the Ethereum price, as of the time of writing, the price was $3,309, indicating a 2.21% increase.
