Credible Crypto: HBAR & XRP Best Altcoin Bets, BTC Not Done Yet
Despite the volatility in the crypto markets, according to widely-followed analyst and trader, known as Credible Crypto, this bull cycle is not over yet – and one altcoin specifically is getting ready for a big rally.
Credible Crypto gives hope to his 219K followers on Twitter that while fear is widespread, he doesn’t believe that crypto markets have not yet officially entered a bear phase.
“When I talk about bear markets, I generally consider those periods of prolonged price depreciation across the board after a completed major impulse. Our major impulse hasn’t completed yet in this case…
I don’t consider every correction in the midst of a macro bull market as a ‘bear market.’”
Bitcoin
Credible Crypto says that Bitcoin has yet to complete the final impulse wave of a bull market, which would suggest that Bitcoin has one more massive move up left in this cycle.
“I think our drop from $14,000 to $3,800 was our major wave two, and this drop from $64,000 to $28,000 is our major wave four. But yeah, the idea is right – this is a major correction, but expecting another major wave to the upside (wave five) once it’s complete.”
The trader cites Elliott Wave theory, a technique that attempts to forecast price action by following crowd psychology manifesting in waves. According it, a bull or a bear market has five major impulse waves, where waves two and four are often prolonged corrective periods.
According to the trader the current Bitcoin correction is the fourth wave, suggesting that BTC is due for a final leg up. Credible Crypto’s price prediction for the top is above $100,000, but below $300.000.
While the analyst remains bullish on Bitcoin, however, if Bitcoin falls to $10,000 his idea will be invalidated.
Altcoins
Regarding the altcoin market, Credible Crypto says he’s convinced the enterprise-grade distributed ledger project Hedera Hashgraph (HBAR) will spike up a minimum of 1,000% during this cycle, rising from its current price of about $0.18 to at least $2.00.
“I think it could absolutely hit $10+… Which is why my minimum* target is $2-$5. Could absolutely go much higher. But I would rather aim lower and be happy with a bonus than aim too high and be upset because of my expectations.”
According to Credible Crypto Hedera Hashgraph project, which is owned and governed by a council of organizations including Google, IBM, and LG Electronics, is a safer bet than many in the crypto markets.
“…buying hype/meme coins is akin to gambling and is a lot more risky. You can play the Uniswap casino and make 100x more than buying any major crypto out there, but the risk is also 100x more.”
The trader also says that XRP is currently trading around a strong support level.
“Yes alts are bleeding, but I’m more focused on BTC at the moment since it will decide the direction we are headed. Also, XRP is still on major HTF (high timeframe) support, so I’m not getting distracted by this lower TF PA (price action).”
Credible Crypto suggests that now may be a good time to scale into XRP as he believes the pullback is just another shakeout event.
