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- A well-known crypto strategist predicts a rally for Ethereum (ETH) and the broader altcoin markets.
- The strategist expects Ethereum to experience a significant retracement after reaching his target.
Bullish Outlook for Ethereum and Altcoins
Credible, a pseudonymous crypto analyst with a significant following on Twitter, is optimistic about the prospects of Ethereum and the altcoin markets. He anticipates a strong rally for Ethereum in the near future. However, Credible also cautions that after reaching his target, Ethereum is likely to experience a significant retracement.
Credible’s positive outlook on Ethereum reflects his broader perspective on the altcoin markets. He suggests that many other altcoins are currently testing key support levels and could see similar relief rallies followed by subsequent declines. This pattern is attributed to Bitcoin slowly draining liquidity from altcoins as it prepares for its next leg up towards new all-time highs.
Contrarian View on Bitcoin’s Potential
In addition to his analysis of Ethereum and altcoins, Credible maintains a contrarian view on Bitcoin. He believes that the leading cryptocurrency will eventually reach fresh all-time highs this year. While some traders speculate on a deeper pullback based on a gap at $20,000, Credible suggests that if his thesis for new all-time highs in 2023 holds true, that gap will remain unfilled.
Credible expresses his preference for Bitcoin surpassing $70,000 before revisiting the $20,000 level. This perspective highlights his overall bullish sentiment towards Bitcoin and his expectation that the crypto king will continue to demonstrate strength and upward momentum.
Chart Analysis and Current Prices
Examining Credible’s chart, it appears that he predicts an Ethereum surge to above $2,000 before undergoing a correction down to approximately $1,500. As of the time of writing, Ethereum is trading at $1,809.
Regarding Bitcoin, the current price stands at $26,944. Credible’s thesis for Bitcoin reaching new all-time highs aligns with his bullish outlook on the cryptocurrency, suggesting the potential for significant price appreciation in the future.
As with any market predictions, it’s important to note that the crypto market is highly volatile, and future price movements can deviate from these projections. Traders and investors should exercise caution and conduct thorough research before making any investment decisions.