A widely followed analyst and trader believes Bitcoin (BTC) has more upside potential despite the crypto king experiencing a substantial correction over the past couple of days.
The analyst pseudonymously known as Credible Crypto tells his 475,600 followers on X that Bitcoin could see a “very aggressive acceleration to the upside in the coming weeks and months.”
According to the pseudonymous analyst, Bitcoin needs to stay above the $105,000 support level for the bullish move to occur.
On the odds of Bitcoin breaching the $105,000 support level, the widely followed analyst says,
“It would be very surprising to me if $105,000 was breached because from a time perspective it would set things back a bit and at this stage of the cycle that would surprise me.”
Bitcoin is trading at $113,286 at time of writing.
Turning to XRP (XRP), the widely followed analyst says the third-largest crypto asset by market cap could appreciate against Bitcoin if the flagship digital asset finds “some footing” and stops falling.
Based on the pseudonymous analyst’s chart, it appears he’s suggesting that the XRP/BTC pair is forming an inverse head and shoulders pattern, which is considered bullish by technical analysts, on the one-hour time frame.
According to Credible Crypto, XRP could go up by at least 28% from the current price against Bitcoin and hit a level last witnessed in mid-July.
“If BTC can find a floor soon, then I think XRP is set for a nice rally to the upside.”
XRP is trading at 0.00002534 BTC ($2.87) at time of writing.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
