A highly-regarded cryptocurrency analyst and trader has issued a warning regarding altcoins.
An analyst known by the pseudonym Credible Crypto told his 404,000 followers on social media platform X that Bitcoin (BTC) could fall by around 22% from current levels.
A major Bitcoin correction could have a devastating impact on altcoins, according to analysts.
“If BTC picks up some downward momentum and falls to a low of $53,000, I would expect to see altcoins in general drop pretty sharply in line with it.”
A look at traders’ charts seems to suggest that Bitcoin’s recent rally has ended and that BTC is headed for a major pullback.
At the time of writing, Bitcoin is trading at $67,759.
Regarding the potential reaction of altcoins following the correction, Credible Crypto said:
“For some altcoins, this drop will likely be a blip before a strong recovery. For others, it could be the start of a more serious decline.”
The widely followed crypto analyst and trader predicts that if Bitcoin falls to his target price, the flagship digital asset will eventually surge to above $100,000, a development that he says would present a “huge opportunity.”
The anonymous analyst and trader also stated that he is more bearish on Ethereum (ETH) than Bitcoin.
“I am much more confident that ETH will make a low than BTC will make a low of $53,000.”
Given the weakness currently seen in ETH, it is certainly possible that ETH could hit new local lows (below $2,800) while BTC makes higher lows.”
At the time of writing, Ethereum is trading at $3,248.
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