A widely respected cryptocurrency analyst and trader believes that Bitcoin (BTC) is primed for a major rebound.
Analyst known by the pseudonym Credible Crypto says The 393,300 followers on social media platform X said Bitcoin could recover to the $68,000 level within a few days.
“Not much has changed here, but now I have a lot of substitutions hitting my down target/bounce zone and things are starting to line up. I would not rule out another plunge in local demand and would expect the relief/reversal in the upward trend we have been looking for. Let’s go and catch it.”
Looking at his charts, the trader suggested that Bitcoin would fall one more time below $60,000 before a sharp rebound towards the $68,000 resistance.
As of this writing, Bitcoin is trading at $62,613, up 2.19% in the last 24 hours.
Next is the merchant Called Cross-border payments network XRP could also see a rebound along with Bitcoin.
“Price action remains corrective despite maintaining the lower trend line from the last tweet. I would like to see XRP outperform BTC in this potential uptrend because I think it could provide some relief overall. A potential BTC rescue leg above $0.64 and a return to $69,000-$70,000 is likely to hold the low at $0.43 (lower trendline) in BTC’s next leg.
In short, if BTC rebounds as quickly as expected, let’s see how strong the reaction to XRP will be. If it is strong enough to recover above $0.64, that is a very good sign.”
As of this writing, XRP is trading at $0.504, up more than 1% in the last 24 hours.
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