A closely watched crypto strategist predicts a burst to the upside for Ethereum (ETH) and altcoin markets in general.
Pseudonymous analyst Credible tells his 340,600 Twitter followers that he believes Ethereum is preparing for a strong rally.
Although Credible is currently bullish on ETH, he says that the top altcoin will likely witness a significant pullback after reaching its target.
According to Credible, his opinion on Ethereum reflects his perspective on the broader altcoin markets.
“Since my last tweet, we saw some relief in ETH, but we missed my bullish target.
Many alts test key support levels, so I think the ETH chart is a good representation of what I expect in other alts in general over the next few days: some relief to the upside followed by another leg down as BTC rises. it continues to drain slowly but surely. Alt liquidity in preparation for the next leg on its path to new all-time highs this year.”
Looking at the trader’s chart, he seems to be predicting Ethereum to rise above $2,000 before it corrects to around $1,500.
At the time of writing, ETH is trading at $1,809.
As for Bitcoin (BTC), Credible still holds the opposite view that the king of cryptocurrencies is likely to hit new all-time highs this year.
“There is a gap at $20,000 that many have been eyeing and using as justification for a deeper pullback from current levels.
If I’m right about my thesis for new all-time highs in 2023, that gap should be left empty.
If you were to ask me which comes first: $20,000 or $70,000+, I would say $70,000+.”
At the time of writing, Bitcoin is trading at $26,944.
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