While Bitcoin (BTC) and Ethereum (ETH) are trying their best to retrieve their lost momentum, a well-known crypto analyst and trader is warning market participants regarding BTC and ETH’s bottom.
An unnamed analyst known as Credible has predicted that although bitcoin has shown substantial momentum from its September 7 trade around $18,500, he believes the Qing currency will soon drop below $20,000.
As per the analyst, if the King currency closes above $20,700 there will be a confirmation for re-bounce. But he claims that before this the currency will face rejection and plunge below $20,000. After this, the currency will head towards the $23,000 price level.
At the time of writing, bitcoin is selling at $22,384, up 2.78% over the past 24 hours.
Ethereum (ETH)
Next, Credible talks about the lead altcoin, Ethereum and refers that despite ETH performing well in recent days, the currency will drop once Bitcoin hits its target price.
The strategist stressed that Ethereum is close to its upside target and expects a continuation upwards towards $1,800-$1,900. However, he believes that Ethereum will see a rejection there and make new lows.
At the time of publication, Ethereum is changing hands at $1,721 after a drop of 0.34% in the last 24hrs. As per the chart by the analyst, he expects ETH to drop near $1,200 after reaching nearly $1,900.
Furthermore, the Ethereum community is eagerly awaiting the price increase with the upcoming Ethereum Merge which will transition the network from Proof-of-Work (PoW) to Proof-of-Stake (PoS).
