Credible Crypto: Altcoins Are Ready To Rally While Bitcoin Accumulates
A top crypto analyst and trader, known as Credible Crypto provides more insight to his prediction that this bull cycle will be longer, including the current correction for Bitcoin as altcoins are ready to rally.
Bitcoin (BTC)
Credible Crypto shared with his 266.8K followers on Twitter that Bitcoin is going through wave 4 correction, which could lead the leading crypto on two possible paths before entering the last big rally of its current bull cycle.
“19 months later, and here we are. It really doesn’t matter what type of structure this Wave 4 forms. The purpose is the same: re-accumulation before the 5th and final wave of this bullish cycle.”
He is referring to Elliott Wave theory – a technical analysis approach that predicts future price action by following crowd psychology which usually occurs in waves.
Looking at the analyst’s charts below, Bitcoin’s 4th wave – the final corrective move before BTC’s last major leg up – could either take either the form of a large symmetrical triangle or ascending triangle.
Bitcoin’s corrective phase, based on the charts, could go well into into 2022.
19 months later, and here we are. It really doesn't matter what type of structure this Wave 4 forms- the purpose is the same- re-accumulation before the 5th and final wave of this bullish cycle. $BTChttps://t.co/F9aiP3YSulpic.twitter.com/IBTMISSGVN
While Bitcoin is going through another accumulation, Credible Crypto predicts that altcoin market will get more attention from investors and expects Ethereum to lead the altcoins into rallies.
“As long as ETH/BTC holds this level we are setting up for some major bullish action on alts.”
Remember this chart? Here it is today. As long as $ETH/BTC holds this level we are setting up for some major bullish action on alts. I discussed this in my last Youtube video where I also called for the fakeout and rejection above ATH on $BTC. Link is in the quoted tweet below. https://t.co/8axqAeRJQGpic.twitter.com/RIylHEkWuI
Looking into ETH/USD, the analyst states that ETH must reclaim $4,770 level or it will face a rejection at its current prices. This could lead into a sell-off event could push the ETH price below $4,000.
“We are seeing some relief here, but as we approach $4,400 ETH. it’s time to be cautious. I’ve locked in some gains here. If we manage to clear the zone, we are probably good to go to new ATH (all-time high), but if we reject, we could see a drop back to mid-$3,000 or lower.”
We are seeing some relief here, but as we approach $4400 $ETH it's time to be cautious. I've locked in some gains here. If we manage to clear the zone we are probably good to go to new ATH but if we reject we could see a drop back to mid 3k's or lower. pic.twitter.com/icMa9mwKKK
