Bitcoin (BTC) Could Be on the Verge of a Major Bullish Reversal
A well-known crypto analyst has suggested that Bitcoin (BTC) might be gearing up for a significant bullish turnaround after a correction down to the $70,000 range. Credible Crypto, a trusted strategist with a large following on the social media platform X, has informed his followers that Bitcoin could potentially be forming a bullish triple-bottom reversal pattern on the four-hour chart.
A triple-bottom pattern typically signifies that an asset has established a strong price floor that has proven resilient after being tested three times. Credible Crypto expressed his optimism by stating, “If this triple tap actually holds, it will be the most epic/legendary bottom ever.”
Despite the positive outlook, the analyst cautioned that if Bitcoin fails to maintain support at $78,264, the leading cryptocurrency could experience a further decline of up to 13% from its current value. He emphasized the importance of holding the current level to avoid the potential downside risk.
As of the time of writing, Bitcoin is trading at $80,641, showing a nearly 2% increase for the day. Looking ahead, Credible Crypto also mentioned that Ethereum (ETH) might revisit the $1,100 level if Bitcoin continues to correct downwards.
The analyst highlighted that many altcoins, including Ethereum, have not fared well during the recent drop in prices. Should Bitcoin decline further to the $69,000-$74,000 range, ETH could break below the anticipated bottom region. Credible Crypto outlined potential support levels for Ethereum and stressed the importance of observing high timeframe horizontal support levels for strategic decision-making.
Furthermore, the analyst shared insights on XRP, a payments token, indicating that it might temporarily dip below $1.80 before embarking on a rally towards a new all-time high of approximately $3.50. He suggested that any deviation below $1.80 should be viewed as a false breakdown or fake-out, rather than a sign of weakness.
XRP is currently trading at $1.93, experiencing a 1.8% decline for the day. Credible Crypto’s analysis provides valuable perspectives for traders and investors navigating the volatile crypto market.
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