Bitcoin Poised for Potential Rebound, According to Market Expert
A renowned cryptocurrency analyst and trader, known as Credible Crypto, predicts a substantial rebound for Bitcoin (BTC).
Credible Crypto suggests that Bitcoin could soon surge to the $68,000 level.
Not much has changed here folks, but lots of alts are now hitting my downside targets/bounce zones so things are starting to line up here.
Won't rule out one more spike down into local demand and then expect that relief/reversal to the upside that we have been looking for.… https://t.co/CxLKV0qwP5 pic.twitter.com/2dLuvQPaQi
— CrediBULL Crypto (@CredibleCrypto) May 13, 2024
He notes that while many altcoins are hitting projected bounce zones, Bitcoin might experience another dip below $60,000 before a relief rally kicks in.
According to his analysis, Bitcoin could briefly dip below $60,000 before making a move towards the $68,000 resistance level. Currently, Bitcoin is trading at $66,000, showing a 7.15% increase over the past 24 hours.
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Furthermore, Credible Crypto suggests that XRP, a cross-border payments network, may also witness rallies alongside Bitcoin.
He explains that while XRP’s price action remains corrective, there’s potential for upside movement across the market.
If XRP manages to outperform BTC and reclaims $0.64 during a BTC relief rally to $69,000-$70,000, it could indicate a strong recovery from its recent low at $0.43.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
