Crypto Trader turns bullish on Bitcoin (BTC), XRP and One Ethereum (ETH) rival
A widely followed crypto trader expects bullish price action for Bitcoin (BTC), XRP and an Ethereum (ETH) rival.
The pseudonymous trader known as Credible Crypto says his 338,000 Twitter followers that a new all-time high (ATH) for Bitcoin is closer than anyone expects, and believe the narrative of a halving-driven rally in mid-2024 is likely overstated.
“For those who don’t expect another ATH until ’24 or ’25 reason [the] halving:
You know there will only be 21 million BTC – that’s why you’re buying/holding BTC now. This information is known and therefore priced in.
You also know that it halves every four years.
What makes you think the former is priced in but the latter isn’t?”
As the trader expects Bitcoin to rise strongly in the coming months, he is also bullish on the extension of several altcoins. According to Credible, Ethereum challenger Hedera (HBAR) is potentially one of the best opportunities in the altcoin market.
Credible compares Bitcoin’s price action over the past couple of years to artificial intelligence-focused altcoin Fetch.AI (FET), noting that HBAR could potentially be in for more upside if it follows the same pattern.
“If you’re bullish on BTC for the next six+ months, there’s probably no better time to load up on HBAR than now. Can’t expect much better from a high timeframe entry if you missed the $0.03 push in my opinion . I have added to my stack at $0.06 for the first time in a long time and will not sell until new ATH.”
The merchant is currently targeting a short-term price of around $0.08, about 10% above today’s price level at the time of writing.
“First short-term target (red line) from my video update on the HBAR hit. Now looking for a push up to the second target around $0.08.”
Credible is also bullish on XRP, the token used for Ripple’s payment network. He looking XRP is doing well, especially on the back of the remittance industry.
“There is a reason why Ripple decided to focus on this particular niche with XRP. There are many things you can do with a cheap and fast crypto, but cross-border money transfers is a massive market ripe for disruption by a superior technology like crypto.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of 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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