The analyst, who is closely followed in the market, tells his 291,600 Twitter followers that BTC looks attractive at current prices, considering that one of the leading cryptocurrencies, Bitcoin, is down nearly 40 percent from its all-time high.
“As a result of my analysis, I think Bitcoin will depreciate at most 10 thousand dollars, but then gain more than 60 thousand dollars. Do not miss this opportunity”
Credible Crypto uses the Elliott wave method, a technical analysis theory that predicts future price action by following crowd psychology. According to Credible's chart, Bitcoin appears to be in the last leg of the correction phase before a massive rally above $100,000.
The trader, who paints an optimistic picture for Bitcoin, also expects a serious rise in Curve DAO Token (CRV), the token of Curve Finance, a decentralized exchange for stablecoins. The CRV is currently trading at $4.21, up about 13 percent from its level a month ago. Credible Crypto says that $5.50 to $6.00 will act as resistance for the altcoin. If CRV can break through this level, the analyst thinks that the 78th-ranked crypto-asset by market cap could rise almost 10x to $40 during the current bull run.
Inflation numbers are crucial for BTC
The downtrend could still continue as the 50-day moving average must be above the 200-day moving average to confirm the Bitcoin Uptrend. All eyes will be on inflation data, which the US will release this week on Wednesday. With inflation figures higher than expected, the history of interest rate hikes may be brought forward, so this poses a big problem for BTC.
While Bitcoin has rebounded, some altcoins have yet to follow suit. For example, Ethereum (ETH) has not recovered yet, currently trading at $3,218. Ethereum likewise corrected 40 percent from its all-time high. However, some altcoins are doing really well despite the market and Bitcoin being in a downtrend. For example, Luna rose 100 percent in December, reaching an all-time high of $100. So are MATIC and LINK. These three altcoins could be potential cryptocurrencies for the month of January.