Bitcoin

While Bitcoin (BTC) Inches Closer to $50k, Analyst Says Market Still Remains Bullish

Written by: Nidhi Kolhapur

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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Dec 6, 2021

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After a good recovery, the cryptocurrency market has experienced a good start today. Bitcoin has gained 1.85  percent in the previous 24 hours, while Ethereum has gained 3.2 percent. The rest of the market is gradually falling, with Solana and XRP both down more than 5%.

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ETH Will Rise, Altcoins Will Shine

One altcoin, according to a well-known crypto analyst and trader, will rekindle the crypto bull market. In a new video, pseudonymous Credible crypto says that Ethereum’s good performance against Bitcoin (ETH/BTC) during the harsh downturn is an indication that markets remain bullish.

According to him, as long as it holds this monthly support of 0.075 BTC ($3,662), he is bullish on Ethereum and in general. He said that he wants to demonstrate to them how well Ethereum/Bitcoin has held up during this big decline. “Guys, this is when alts take the lead when alts begin to shine.”

When Bitcoin is correcting, Ethereum/Bitcoin would not be exploding if this was a bear market. It would be crashing down with a thud. It’s keeping its footing. We’re going upward — we’re positive.

He believes that alts will recover from this loss more quickly than Bitcoin. According to him Ethereum, in particular, will do admirably. Even after an unprecedented fall that saw Bitcoin (BTC) plummet from $52,000 to $43,500 in less than an hour, Credible is confident about the king cryptocurrency’s future.

Yesterday’s severe dip, according to the crypto expert, signaled the end of a major corrective phase for BTC.

“I feel we’re nearing the end of the flat correction. The anticipation is that we’ll make a higher low above the lows of $30,000, and anything beyond that will be great, and I believe that’s what we’re seeing today.”

At the time of writing Bitcoin and Ethereum are both tradings in green. Bitcoin is trading at $49,297 and Ethereum is trading at $4154. 

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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