A well-known cryptocurrency analyst and trader, known as Credible Crypto, predicts a significant bounce for Bitcoin (BTC) in the near future. With over 393,000 followers on X social media platform, Credible Crypto suggests that Bitcoin could reach the $68,000 level in the coming days.
According to the analyst, many alternative cryptocurrencies are hitting their downside targets, indicating a potential turnaround for Bitcoin. Credible Crypto anticipates one more drop below $60,000 before a strong rebound towards the $68,000 resistance level.
As of the time of writing, Bitcoin is trading at $62,613, showing a 2.19% increase in the last 24 hours. Additionally, Credible Crypto mentions that XRP, a cross-border payments network, may also experience upward movements alongside Bitcoin.
The trader emphasizes the importance of XRP outperforming BTC on the anticipated upside move. By surpassing $0.64 during a potential BTC relief rally to $69,000-$70,000, XRP could demonstrate strength and resilience in the market.
XRP is currently trading at $0.504, reflecting a 1% rise in the last 24 hours. Credible Crypto’s insights highlight the interconnectedness of different cryptocurrencies in the market and the potential for coordinated price movements.
In conclusion, Credible Crypto’s analysis suggests a positive outlook for Bitcoin and XRP, with expectations of a bounce in the near term. Investors and traders are advised to stay informed and monitor price actions closely in the dynamic cryptocurrency market.