Top Trader Predicts Rallies for Ethereum and Broader Altcoin Markets But Theres a Catch
A closely followed crypto strategist is predicting a burst to the upside for Ethereum (ETH) and the altcoin markets in general.
Pseudonymous analyst Credible tells his 340,600 Twitter followers that he believes Ethereum is gearing up for a strong rally.
Although Credible is currently bullish on ETH, he says that the top altcoin will likely witness a significant retracement after hitting his target.
According to Credible, his view on Ethereum reflects his outlook on the broader altcoin markets.
“Since my last tweet, we did see some relief on ETH but fell short a bit from my upside target.
Lots of alts testing key support levels, so I think the ETH chart is a good representation of what I expect on other alts in general over the coming days some relief to the upside followed by another leg lower as BTC continues to slowly but surely drain liquidity out of alts in preparation for the next leg up on it’s road to new all-time highs this year.”
Looking at the trader’s chart, he appears to predict an Ethereum surge to above $2,000 before it corrects all the way down to around $1,500.
At time of writing, ETH is trading for $1,809.
As for Bitcoin (BTC), Credible still holds the contrarian view that the crypto king will likely print fresh all-time highs this year.
Theres a gap at $20,000 that a lot have been eyeing up and using as justification for a deeper pullback from current levels.
If Im right about my thesis for new all-time highs in 2023 that gap should go unfilled.
If you were to ask me which comes first $20,000 or $70,000+, Id say $70,000+.
At time of writing, Bitcoin is trading for $26,944.
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This article was originally reported on The Daily Hodl.