A closely tracked crypto strategist says he believes Bitcoin (BTC), XRP and one more altcoin will likely sustain their bullish momentum despite some market turbulence over the weekend.
Pseudonymous trader Credible tells his 320,200 Twitter followers that he sees Bitcoin pulling back to the $42,000 level before resuming its uptrend.
“With this last weekly close, we have reclaimed a very significant level. The last four times we closed above or below this level on [the] high timeframe, we have moved to the opposite end of the range over a number of weeks. Expecting the same this time – a retest of low $40,000 and continuation up. BTC.”
Looking at Credible’s chart, the crypto strategist predicts a Bitcoin rally above $50,000 once the brief pullback is over.
Another coin on the trader’s list is XRP, which he says is gearing up for a rally above $1.00 after the eighth-largest crypto asset established a bullish higher low setup.
“Taking a bit longer than expected but still on track. Higher low put in and grinding up. May see some lower timeframe volatility but I do think we hold our higher low and continue up from here. XRP.”
Based on Credible’s chart, he predicts XRP will rally to $1.01 first and then $1.50.
The last coin on Credible’s radar is Litecoin (LTC), a cryptocurrency built for payments. According to Credible, Litecoin’s chart resembles the market structure of Zilliqa (ZIL), a low-cap altcoin that erupted by over 600% in a short period of time.
“ZIL up nearly 6x in two weeks and LTC seems to be setting up similarly from a technical perspective… This next leg up across the board is gonna be fun.”