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While discussions about the start of the altcoin rally in cryptocurrencies continue, Bitcoin’s rise persists. Amidst all this, a famous cryptocurrency analyst believes that one of the cryptocurrencies, considered a competitor to Ethereum (ETH), is following in the footsteps of a meme coin that has recently broken records.
Analyst’s PEPE and NEAR Commentary
Credible, an analyst, made significant statements on the social media platform X. The analyst noted that the market outlook of the layer-1 protocol Near (NEAR) resembles that of the meme coin Pepe (PEPE), which surpassed its all-time high once again in the last 24 hours.
It looks the same as PEPE, and with my expectation of some relief across the board here, I think the dips are to be bought targeting the highs. As of last night, I am in a long position.
Looking at the trader’s shared chart, it is seen that the failure of NEAR to drop to the $5.72 region initiated a move targeting $9. As of the time of writing, NEAR is finding buyers at $8.03, meaning it is 15% short of reaching Credible’s target.
However, while Credible continues to reflect his bullish expectation for NEAR, he also notes that his comments do not cover Pepe and other high-volume altcoins. The analyst believes that Pepe and high-volume altcoins are heading towards a significant price correction, while market participants are reallocating their capital to sustain Bitcoin’s (BTC) next upward move.
Pepe and major altcoins = a distribution top in my opinion, leading to eventual collapses in a volatile environment. Bitcoin = a reaccumulation range in my opinion, leading to an eventual breakout towards $100,000 in a volatile environment.
How Much is 1 Bitcoin Now?
While all this is happening, attention was also on Bitcoin, the number one cryptocurrency in the market, alongside PEPE. Bitcoin is trading at $66,085 after a 7.66% rise today.
Bitcoin’s market cap surpassed $1.3 trillion again after a similar percentage increase, crossing the critical threshold once more. A more significant growth was noted in the 24-hour trading volume. BTC’s trading volume increased by 48%, surpassing $40.8 billion, highlighting investor interest once again.
