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Credible, a widely followed crypto analyst, has unveiled his bold predictions for Ethereum (ETH), Bitcoin (BTC), and XRP, igniting fresh hope among investors.
Analyzing the Market For BTC and ETH, A New High in Sight?
Starting with Ethereum, Credible forecasts a minimum surge past $10,000, with the potential for ETH to rally as high as $20,000 during the current bull market cycle. His optimistic outlook is grounded in the gains he expects Bitcoin to achieve, suggesting that BTC could double from its previous high of $69,000.
Based on this, Credible believes that most altcoins, including ETH, could see multiples of this growth. For Ethereum, a 3-4x increase from its prior all-time high could boost it to the $15,000-$20,000 range. Despite Ethereum’s current price of $3,484, experiencing a more than 3% decline in the last 24 hours, Credible remains bullish on its long-term potential.
XRP Can Make a Move Soon!
In addition to Ethereum, the analyst also predicts a potential surge for XRP, suggesting that it could beat $10. Drawing attention to XRP’s previous market cap surpassing Ethereum’s in a previous cycle, there is a possibility of significant gains for the altcoin payments. With XRP trading at $0.614 at the time of writing, his forecast underscores that despite some minor glitches, XRP is here to stay and make new highs soon.
Bitcoin Building Momentum
Bitcoin price is going up and down as Bitcoin halving anticipates a massive increase in the value of the crypto. Many experts predicted it to hit over $80K before the halving and higher amounts after it. It hasn’t realized the first prediction but many hold onto the hope that it will fulfill the second.
However, talking about the short-term journey, Credible says Bitcoin may continue trading sideways for a few more days. He observes bids now capping price downside, indicating potential support levels, while also noting the buildup of open interest, suggesting impending volatility once the market breaks out of its current range.
With Bitcoin trading at $68,508 at the time of writing, investors are keen to know where’s the market heading.
Crypto Market Pullback Possibilities
Looking at the biggest altcoins move this week, Kristian Haralampiev, Nexo’s Structured Products Lead, suggests that today’s crypto market pullback stems from profit-taking by investors seeking to capitalize on peak market conditions.
He points to increased cryptocurrency volumes being moved to exchanges, particularly by short-term traders who are currently in profit, based on Glassnode’s data. Despite the unexpected pullback amid expectations of Bitcoin reaching new highs, both Credible and Haralampiev view it as an opportunity for latecomers to enter the market before the next Bitcoin halving event.
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