Bitcoin (BTC) may see a sudden surge to $68,000, according to a well-known crypto strategist. Credible Crypto, a pseudonymous analyst with a large following on X, predicts that a relief rally is on the horizon for Bitcoin and the altcoin market.
However, Credible Crypto cautions that this rally is likely to be short-lived, with Bitcoin eventually resuming its bearish trajectory. The analyst states, “As I’ve said, I think some relief here shortly across the board would be ideal. A couple of variations of low-time frame price action I can see playing out in the coming days. In the grand scheme of things, there is no change to my belief that this is just part of a larger correction to the downside.”
According to the analyst’s chart, Bitcoin could potentially reach $68,000 before dropping below $48,000. Currently, Bitcoin is trading at $61,919.
When it comes to Ethereum (ETH), Credible Crypto notes that the altcoin’s order book indicates a market-wide bounce is likely. Spot investors are accumulating buy orders, which is preventing ETH from experiencing further downward pressure, at least for now.
At the time of writing, Ethereum is valued at $2,409.
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