A well-known cryptocurrency analyst and trader has identified one altcoin that he believes will reignite the crypto bull market.
In a new video, pseudonymous crypto strategist Credible tells his 275,300 Twitter followers that Ethereum’s strong performance against Bitcoin (ETH/BTC) during the brutal correction is proof that markets are still bullish.
“I’m bullish on Ethereum and on the market in general as long as we hold this monthly support level of 0.075 BTC ($3,662).” I’d like to demonstrate to you that, despite the recent massive drop, Ethereum/Bitcoin is holding up admirably… Guys, this is when alts take the lead, when alts shine.
If this were a bear market, Ethereum/Bitcoin would not be popping at the same time that Bitcoin is correcting. It would be a very, very hard drop. It’s still holding on. We’re pushing higher – we’re bullish.
I believe alts will recover faster than Bitcoin from this drop. I believe Ethereum, in particular, will do exceptionally well.”
At the time of writing, ETH/BTC is trading at 0.086 ($4,224), up more than 11% in the previous 24 hours.
Looking at Bitcoin (BTC), Credible is also bullish on the king cryptocurrency’s prospects, despite an epic crash that saw it fall from $52,000 to $43,500 in less than an hour.
According to the crypto strategist, yesterday’s deep pullback signaled the end of BTC’s macro corrective phase.
“I believe we’re nearing the end of that flat correction.” The expectation is that we will put in a higher low above the lows of $30,000 and that everything above that will be fine, and I believe that is what we are seeing right now.”