Top Crypto Analyst Issues Bitcoin and Ethereum Alert, Predicts Pullback for BTC and ETH as Merger Approaches
A popular crypto analyst who is building a following with timely Bitcoin calls is warning traders that both BTC and Ethereum (ETH) could be preparing for a leg down.
Pseudonymous crypto strategist Credible tells his 338,100 Twitter followers that while Bitcoin managed to put together a decent bounce from around $18,500 on September 7th, he believes BTC’s short-term upside is limited and the crypto king could be looking at a trip back to $20,000.
“Looks solid. A wave one close tomorrow above $20,700 should confirm the feedback. Could retest $20,700 on the lower time frame, but a solid close tomorrow and we’ll look good to continue to $23,000. After that, expect a rejection and another visit to the low target/$20,000 for a higher low before continuing UP.”
Looking at Credible’s chart, he predicts an immediate bounce for BTC following his anticipated corrective move to $20,000. At the time of writing, BTC is trading hands at $21,913.
As for Ethereum, Credible says that ETH also has some room to rally in the short term, but he predicts a steep correction after the king altcoin hits its target.
“ETH up around 20% from retracement zone and almost reaching my upside target. Again, looking for continuation up to $1,800-$1,900 – expect a rejection there and likely new local lows afterwards. Most people don’t want to hear this, but it is what it is.”
Looking at Credible’s chart, he predicts a pullback down to the $1,200 level for Ethereum, which is a 36% devaluation should ETH reach the $1,900 target.
At the time of writing, ETH is trading at $1,752, flat on the day.
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Featured image: Shutterstock/Art Furnace/Natalia Siiatovskaia
