The bitcoin and altcoin market are once again back where they started after the weekend rally. Altcoins are also following BTC’s movements, as the majority of the top 10 cryptocurrencies are trading in red. Experts say a jarring wave could be imminent.
Will Bitcoin continue to drop?
One of the experts is Meltem Demirör, chief strategy officer of the $5 billion crypto asset management company CoinShares. In an interview with CNBC’s Squawk Box on July 11, Demirör said “we will stay where we are for a while”. Demirors predicts that many markets will face difficulties due to the lack of upside catalysts in the face of other negative key variables. In his own words:
No upside catalyst in the near term. We haven’t seen Bitcoin in a recession yet. Possibly, are we in a recession? We don’t know…
Credible says explosive Bitcoin rally is imminent despite pullback
Closely-watched crypto analyst Credible expects to rally after BTC’s latest correction ends. The analyst says he expects Bitcoin (BTC) to make an explosive rally. Analyst with 336,500 Twitter followers said that Bitcoin will pull back from $22,000 to $19,000 before starting a massive rally to its target above $30,000. Credible comments on the graphic he shared on Twitter on July 11:
I was expecting a rejection from the red and was looking for a down move.
Analyst follows Elliott Wave theory
Credible follows Elliott Wave theory, a technical analysis approach that attempts to predict future price movements by following crowd psychology, which tends to manifest in waves. Bitcoin is currently trading below $20,000. Credible says it is close to reaching its downside target for the leading crypto.
In a recent video, the crypto analyst said that a pullback to around $19,000 for BTC is healthy as it allows Bitcoin to set up higher low:
Such a deep retreat is acceptable. A deep retracement keeping upside chances intact. And after returning to this depth and finding a higher low (HL), if you manage to break above these highs and break $22,000, the uptrend will likely come… This correction was the second wave. Now we see a stronger wave upwards. In that case, we’ll probably be passing over the red zone.
Based on Credible’s chart, the analyst expects Bitcoin to climb as high as $32,000 in the near term. This means the potential to rise over 61% from the current price of BTC.
When will Bitcoin make a comeback?
Ruchir Sharma, Managing Director and President of Rockefeller International, is one of the analysts who gave an optimistic answer to this question. Bitcoin pro Sharma claimed that the BTC price could move in a way reminiscent of Amazon. The famous investor says that the crypto market will rise like Amazon, which has previously experienced a 90% drop.
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