A closely followed crypto analyst and trader explains to his 275,300 Twitter followers in a new video an altcoin project that he believes will rekindle the crypto bull market.
“Altcoin projects will recover from this drop harder than BTC”
The analyst, nicknamed CredibleCrypto, says that the strong performance of leading altcoin Ethereum against Bitcoin (ETH/BTC) amid the brutal correction is a sign that the markets are still bullish:
As long as we support this 0.075 BTC ($3.662) monthly, Ethereum and overall I’m bullish. Gentlemen, I want to show you this great fall we just saw. ETH/BTC is holding up nicely. This is when altcoins take the lead, start to shine. Had this been a bear market, ETH/BTC would not have exploded right now while Bitcoin was correcting. It would fall very, very hard. It’s holding support. We push up and up.
The analyst thinks that altcoins will recover harder than Bitcoin from this decline, especially Ethereum will do this extremely well. At the time of writing, ETH/BTC was up over 11% in the last 24 hours and was trading at $0.086 ($4,224). CredibleCrypto remains optimistic about the prospects of the leading cryptocurrency, even after an epic crash from $52,000 to $43,500 in less than an hour. The crypto strategist believes yesterday’s deep pullback marks the end of a macro correction phase for BTC:
I believe we have now completed this flat fix. The expectation is that we put a higher bottom above the $30,000 lows and everything above that is fine and I think that’s what we’re seeing right now.