A widely followed cryptocurrency analyst and trader believes one type of crypto asset is about to implode.
The analyst pseudonymously known as Credible Crypto tells his 391,500 followers on the social media platform X that memecoins could suddenly collapse in value.
“Still a lot of salt in this space despite us being at new all-time high for BTC. Mainly because memes are the ‘only’ alts that have been pumping the last few months. Hearing lots of ‘this cycle is clearly different, it’s a meme supercycle’ etc. and ‘fundamentals don’t matter.’ Lots of people have lost hope on their non-meme alt holdings and the meme reply guys couldn’t be louder.
Three things:
1. We’re going so much higher with this market as a whole.
2. There’s a meme reckoning coming.
3. Other alts will get their turn, in time.”
Next up, the analyst says Bitcoin (BTC) could retest the lower $60,000 range before breaking through the upper trendline resistance.
“And there is our drop. Would like to see us go a bit lower here though before the reversal so ideally we aren’t done just yet. Watching to see how things develop.”
Bitcoin is trading for $64,496 at time of writing, up slightly in the last 24 hours.
Lastly, the analyst says Ethereum (ETH) competitor Hedera (HBAR) could increase more than 90% from the current value.
“Looking for something like this after completing a nice five wave impulse off the lows. Note the first step is a break in lower timeframe market structure to kick things into gear. After that if we can print a higher low we should be able to run it back to the highs.”
Hedera is trading for $0.11 at time of writing, down more than 2% in the last 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
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: DALLE3
The post Analyst Warns One Crypto Asset Category About To Face a Reckoning, Maps Path Forward for Bitcoin and Hedera appeared first on The Daily Hodl.
