Forecasts hold significant sway in the crypto world, especially when they come from a respected analyst like Credible. Recently, Credible shared his ambitious predictions for Ethereum (ETH), Bitcoin (BTC), and XRP, sparking renewed optimism among investors.
Here’s a breakdown of what he had to say.
A Bright Future for Ethereum
Ethereum enthusiasts have reason to cheer as Credible paints an encouraging picture of the altcoin’s trajectory. According to his analysis, Ethereum is set for a remarkable surge, potentially surpassing $10,000 and even reaching $20,000 during the ongoing bull market. This optimism is rooted in Credible’s expectations for Bitcoin’s performance, suggesting BTC could double from its previous all-time high of $69,000.
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Encouraged by this bullish sentiment, Credible foresees significant growth for most altcoins, including Ethereum. A projected 3-4x increase from its previous peak could propel Ethereum into the $15,000-$20,000 range. Despite a recent dip in Ethereum’s price to $3,484, reflecting a modest decline of over 3% in the last 24 hours, Credible remains steadfast in his long-term outlook for the cryptocurrency.
A Surge Incoming?
Shifting focus to XRP, Credible anticipates a potential breakthrough, suggesting XRP could surpass the $10 mark. He points to XRP’s past achievement of surpassing Ethereum’s market cap in a previous market cycle, indicating the possibility of significant gains for the altcoin.
With XRP currently trading at $0.614, Credible’s forecast underscores the resilience of XRP, despite occasional setbacks, and hints at imminent new highs.
Bitcoin is Building Momentum!
All eyes are on Bitcoin’s next move, especially with the looming halving event. While initial projections speculated a surge beyond $80,000 before the halving and even higher figures afterward, Bitcoin’s price trajectory has been less predictable. However, Credible remains optimistic about the cryptocurrency’s long-term prospects, despite potential short-term fluctuations.
In the near term, Credible suggests Bitcoin may continue to trade sideways for a brief period. He notes a consolidation of bids, indicating potential support levels, coupled with a buildup of open interest, hinting at imminent volatility once the market breaks out of its current range.
With Bitcoin currently trading at $68,508, investors eagerly await clarity on the market’s direction.
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Market Pullback Soon?
Exploring the recent market pullback, Kristian Haralampiev, Nexo’s Structured Products Lead, attributes the downturn to profit-taking by investors capitalizing on peak market conditions. Haralampiev highlights increased cryptocurrency volumes flowing into exchanges, particularly from short-term traders enjoying profits, as per data from Glassnode.
Despite the unexpected pullback amidst expectations of Bitcoin scaling new heights, both Credible and Haralampiev view it as an opportune moment for latecomers to enter the market ahead of the next Bitcoin halving event.
Source: https://coinpedia.org/price-analysis/bitcoin-ethereum-and-xrp-price-prediction-for-2024-heres-what-to-expect/