The pseudonymous trader known in the industry as Credible Crypto tells his 219,000 Twitter followers that while fear is widespread, he doesn’t believe that the market has officially entered bear territory.
“When I talk about bear markets, I generally consider those periods of prolonged price depreciation across the board after a completed major impulse. Our major impulse hasn’t completed yet in this case…
I don’t consider every correction in the midst of a macro bull market as a ‘bear market.’”
“I think our drop from $14,000 to $3,800 was our major wave two, and this drop from $64,000 to $28,000 is our major wave four. But yeah, the idea is right – this is a major correction, but expecting another major wave to the upside (wave five) once it’s complete.”
The trader relies on Elliott Wave theory, a technique that attempts to forecast price action by following crowd psychology manifesting in waves. According to the theory, a bull or a bear market has five major impulse waves, where waves two and four are often prolonged corrective periods.
As for the altcoin market, the trader says he’s convinced the enterprise-grade distributed ledger project Hedera Hashgraph (HBAR) will soar a minimum of 1,000% this cycle, rising from its current price of about $0.18 to at least $2.00.
“I think it could absolutely hit $10+… Which is why my minimum* target is $2-$5. Could absolutely go much higher. But I would rather aim lower and be happy with a bonus than aim too high and be upset because of my expectations.”
“…buying hype/meme coins is akin to gambling and is a lot more risky. You can play the Uniswap casino and make 100x more than buying any major crypto out there, but the risk is also 100x more.”
Looking at XRP, the trader says Ripple’s native token is currently trading around a strong support level.
“Yes alts are bleeding, but I’m more focused on BTC at the moment since it will decide the direction we are headed. Also, XRP is still on major HTF (high timeframe) support, so I’m not getting distracted by this lower TF PA (price action).”
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 loses 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.
Featured Image: Shutterstock/Liu zishan