A popular cryptanalyst believes that given the ongoing correction in broader crypto markets, XRP and Bitcoin could trigger unexpected rallies.
In a new tweet, Credible Crypto tells its 209,000 followers that it sees XRP triggering a massive rally as market participants turn bearish on Ripple’s domestic fortune.
“I mean, I don’t know what else to say, but this looks ripe for a quick press lol. XRP. “
Brief pressure occurs when traders betting that an asset will fall by selling short are pushed out of position by a sudden surge in price. The phenomenon forces short sellers to buy the asset to avoid major losses, which drives the price up. Credible crypto shows that the shorts in XRP in Bitfinex’s crypto exchange are at an all-time high while the token hovers over an important level of support, meaning there may be a brief press on the horizon.
As for Bitcoin, the trader believes the leading crypto asset will break out and make many traders in disbelief.
“I know the structure down there. LOOKS bear flag-y, but I also see a finished 5-3-5 (ABC) down which would mean the bottom is. break up. BTC. ”
The cryptanalyst relies on the Elliott Wave Theory, which predicts future price movements by following the psychology of market participants, which is manifested in waves. According to Credible Crypto, the most recent market crash is the fourth wave of the five-wave cycle, suggesting that Bitcoin could potentially soar to a new all-time high (ATH) of $ 150,000.
“Think how you felt during the ‘Covid Crash’ in March BTC down to $ 3,000? If you feel the same way now, do so. In a five-wave cycle, there are typically two MAJOR corrections: waves two and four. March  was the former. This is the latter. Both precede new ATHs. “
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