As the crypto markets suffer through widespread pullbacks on Monday, popular trader Credibe Crypto remains bullish on Bitcoin (BTC) and one decentralized finance (DeFi) altcoin.
The pseudonymous analyst tells his 291,600 Twitter followers that Bitcoin looks attractive at current prices, considering that the top crypto is down around 40% from its all-time high.
“If my analysis is correct, downside from current levels is limited to about $10,000 max followed by upside of over $60,000+ in the coming months.
Don’t miss the forest for the trees.”
Credible Crypto is using the Elliott Wave method, a technical analysis approach that forecasts future price action by following crowd psychology that tends to manifest in waves. According to Credible’s chart, Bitcoin appears to be at the last leg of its corrective phase before igniting a massive wave five rally above $100,000.
The trader is also still bullish on the Curve DAO Token (CRV), the governance token for Curve Finance, a decentralized exchange for stablecoins.
CRV is trading at $4.21 at time of writing, up nearly 13% from where it was priced one month ago.
Credible Crypto says $5.50-$6.00 will act as resistance for the altcoin. If CRV can break through that level, the analyst thinks the 78th-ranked crypto asset by market cap could surge by almost 10x to $40 during the current bull run.
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Featured Image: Shutterstock/IM_VISUALS/Nikelser Kate