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 anonymous analyst known as Credible predicts that though Bitcoin has shown ample momentum from its September 7th trade of nearly $18,500, he is of the opinion that the King currency will soon fall 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 with a surge of 2.78% in the last 24hrs.
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 asserts that Ethereum is almost near to his upside target and it is expected to continue upward to $1,800-$1,900. However, he believes that Ethereum will see a rejection there and form 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.
Also, the Ethereum community is eagerly looking forward to a price rise with an upcoming Ethereum Merge that will transform the network from proof-of-work (PoW) to proof-of-stake (PoS).