Credible, an analyst closely followed by cryptocurrency investors, predicted an upside boom for the largest altcoin Etheruem (ETH) and the altcoin market in general. The analyst also reiterated his contrary comment for Bitcoin (BTC).
In His Assessment for Ethereum and Altcoin Market
Anonymous cryptocurrency analyst Credible made a notable exit, claiming that he believes Ethereum is poised for a strong rally. While Credible is currently bullish on ETH, he added that the largest altcoin will likely make a major pullback after reaching its target. According to the analyst, his view on Ethereum reflects his outlook on the altcoin market in general:
We’ve seen some relief in ETH since my last tweet, but we’re a bit away from my upside target. A lot of altcoins are testing important support levels, so I think the ETH chart is a good representation of what I expect in the coming days for other altcoins in general. Accordingly, I expect some relief to the upside, followed by another pullback as BTC continues to slowly but surely drain liquidity from altcoins. Preparations should be made for the next dip on the way to all-time highs for this year.
Looking at the price chart shared by Credible, he seems to predict that Ethereum will rise above $ 2,000 before falling back to around $ 1,500.
Analyst’s Outlier Bitcoin Comment
Sharing his view on Ethereum and the altcoin market, the analyst also commented on Bitcoin, the largest cryptocurrency. Credible still holds a contrarian view that Bitcoin will likely see all-time highs this year:
At $20,000, there is a gap that many are eyeing and using as justification for a deeper pullback from current levels. If I am right in my thesis of reaching all-time highs in 2023, this gap should not be filled. If you ask me whether the $20,000 or the $70,000 level comes first, I would say the $70,000 level.
