A closely-monitored cryptocurrency analyst and trader quoted an altcoin he believes will rekindle the cryptocurrency bull market.
Credible, an anonymous cryptocurrency strategist, told his 275,300 Twitter followers in a new video that Ethereum’s brutal correction against Bitcoin (ETH / BTC) shows that the market is still bullish.
Credible told his followers:
“I am bullish on Ethereum and in general as long as we hold this 0.075 BTC ($3,662) monthly support. I want to show you on this massive drop that we just saw, Ethereum/Bitcoin is holding up beautifully… This is when alts take the lead, when alts start to shine, guys.
If this were a bear market, Ethereum/Bitcoin wouldn’t be popping up now when Bitcoin corrects. It would fall very, very hard. It holds support. We’re pushing up – bullish.
I think alts will bounce back from this decline harder than Bitcoin. I think Ethereum in particular is going to do extremely well.”
At the time of writing, the ETH/BTC trading price is at 0.085 ($4,071), which is up a minimum of 1% in the last 24 hours as we’ve been falling again since late afternoon.
Looking at Bitcoin (BTC)Credible is also bullish on the prospects of the king of cryptocurrencies even after an epic crash that saw BTC plummet from $52,000 to $43,500 in less than an hour.
According to the crypto strategist, he himself is from opinion that yesterday’s deep correction marks the end of the BTC macro-correction phase.
“I believe we are now completing that flat correction. We’re expected to hit a higher low above the lows at $30,000 and anything above that is fine, and I think that’s what we’re seeing now.”
At the time of writing, Bitcoin was trading at $48,500, which is up about 1% on the day.
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