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Anonymous crypto analyst Credible Crypto stated that Bitcoin could be preparing for a significant price increase marked by monthly gains that potentially surpass $10,000. However, the analyst advised investors of the largest cryptocurrency to be patient as the significant upward movement of its investors could be delayed due to the possibility of potential price drops.
Bitcoin’s Recent Drop Did Not Affect the Long-Term Positive Outlook
Crypto analyst Credible Crypto warned that the recent drop in Bitcoin’s price to around $29,100 could delay the expected rise of the largest cryptocurrency. Following this prediction, the price of Bitcoin dropped to around $29,064 on August 2. At the time of writing, it is trading at $29,105.
Credible Crypto interpreted the recent drop in Bitcoin’s price, stating, “We saw $29,100, which means we need to be a little more patient. This doesn’t change anything on higher timeframes, it just represents a pause in the upward momentum on lower timeframes.”
Analyst Predicts Rise for Curve Finance
Furthermore, Credible Crypto expressed bullish expectations for Curve Finance (CRV), a decentralized finance (DeFi) altcoin, suggesting that a significant number of short positions on the asset are currently underwater. The analyst suggests that there is a high probability of the CRV price hitting rock bottom and predicts a possible pullback towards the mid-$0.50 range following an upward movement.
The analyst stated, “If we can hold this level and generate another push higher, then I think we can confirm that the bottom is in.”
As of writing, CRV is trading at $0.5894 with a 4.52% increase in the past 24 hours. Despite losing over 20% in the last 7 days, it continues to be the 73rd largest cryptocurrency.
