A Deeper Drawdown for Bitcoin Anticipated by Crypto Strategist
A well-known crypto strategist famous for his accurate Bitcoin predictions is now forecasting a significant drop in the price of BTC. Credible, the pseudonymous analyst, has shared his outlook with his large following on X, stating that he believes Bitcoin will fall below its recent low of $78,000 after failing to hold above $90,000.
Despite his short-term bearish view on Bitcoin, Credible suggests that this pullback could present an excellent opportunity for long-term investors. He emphasizes that the potential retracement could result in attractive buying opportunities across the market.
Based on his analysis, Credible predicts that Bitcoin could drop to a high time frame (HTF) demand zone between $74,000 and $69,000. He emphasizes the importance of Bitcoin holding this level to maintain its bullish market structure.
Currently, Bitcoin is trading at $83,841, reflecting a decline of over 9% in the last 24 hours.
When it comes to the altcoin XRP, Credible notes that the immediate support level is around $1.80. If this support fails, he sees the range between $1.60 and $1.30 as an attractive risk/reward area for bullish investors.
At present, XRP is priced at $2.28.
Turning to Litecoin, Credible believes that LTC is heading towards its weekly support zone around $56. He is closely monitoring the market to see if the pullback will provide an opportunity to buy at this level.
As of now, LTC is priced at $104.
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