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A crypto strategist known for making timely Bitcoin calls believes that a deeper drawdown is now on the table for BTC.
Pseudonymous analyst Credible tells his 464,800 followers on the social media platform X that he now expects Bitcoin to go below its recent low of $78,000 after failing to reclaim $90,000 as support.
While the trader is short-term bearish on BTC, he says that the pullback will be a golden opportunity for long-term investors.
“At the moment, it’s looking like we may get a full retracement on BTC which should result in similar pullbacks across the board and some fantastic buy opportunities.”
Looking at the trader’s chart, he seems to predict that Bitcoin will drop to his high time frame (HTF) demand level between $74,000 and $69,000.
According to Credible, Bitcoin needs to hold the HTF demand zone to keep its bullish market structure intact.
“But yeah, I really don’t want to see it below that $69,000-$74,000 region which is that key HTF demand zone.”
At time of writing, Bitcoin is trading for $83,841, down over 9% in the last 24 hours.
Turning to the payments altcoin XRP, Credible says that the coin’s immediate support sits at around $1.80. If that fails, he sees the level between $1.60 and $1.30 as the best risk/reward area for bulls.
“Eyes on the next area of interest now to potentially re-load (sub $2, HTF demand, ‘best R/R’ zone).”
At time of writing, XRP is worth $2.28.
As for fellow the payments token Litecoin, Credible thinks LTC is headed to its weekly support zone at around $56.
“Let’s see if this pullback across the board will give it to me.”
At time of writing, LTC is worth $104.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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