A closely followed crypto strategist believes it is within the realm of possibility for Bitcoin (BTC) to witness an abrupt rally to $68,000.

Pseudonymous analyst Credible Crypto tells his 423,300 followers on the social media platform X that a relief rally is in sight for Bitcoin and the altcoin market.

But the trader warns that the rally will likely be short-lived and that Bitcoin will soon resume its bearish price action.

“As I’ve said I think some relief here shortly across the board would be ideal.

A couple of variations of low-time frame price action I can see playing out in the coming days.

Grand scheme of things: no change to my belief that this is just part of a larger correction to the downside.”

Based on the analyst’s chart, he appears to predict that Bitcoin could rise to as high as $68,000 before plunging to fresh lows below $48,000.

At time of writing, Bitcoin is trading for $61,919.

Looking at Ethereum (ETH), Credible says the top altcoin’s order book supports his call for a marketwide bounce. According to the analyst, spot investors are stacking buy orders, preventing the price of ETH from going lower, at least for now.

“Spot bid depth on ETH is especially juicy.

Increases the odds of some relief across the board soon in my opinion.” 

At time of writing, Ethereum is worth $2,409.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

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.

Featured Image: Shutterstock/Sensvector/PurpleRender

Bitcoin faces yet another correction after surpassing the $62,000 mark on Oct. 2. However, data shows that whales haven’t taken part in the latest selloff.

Bitcoin (BTC) consolidated around the $60,000 zone between Oct. 1 and 4 as the geopolitical tension between Iran and Israel heated up.

Right after the U.S. jobs report, the flagship cryptocurrency reached a local high of $62,370 on Oct. 5 as the broader crypto market witnessed bullish momentum.

Bitcoin declined by 0.2% in the past 24 hours and is trading at $61,950 at the time of writing. Its daily trading volume plunged by 53% and is currently hovering at $12.2 billion.

According to data provided by IntoTheBlock, large Bitcoin holders recorded a net inflow of 205 BTC on Oct. 5 as the outflows remained neutral. The on-chain indicator shows that whales didn’t sell Bitcoin as its price surpassed the $62,000 mark.

Meanwhile, Bitcoin’s whale transaction volume decreased by 48% on Oct. 5 — falling from $48 billion to $25 billion worth of BTC. Lower trading and transaction volumes usually hint at price consolidations and lower volatility.

Data from ITB shows that Bitcoin registered a net outflow of $153 million from centralized exchanges over the past week. Increased exchange outflows suggest accumulation as the bullish expectations for October rise.

It’s important to note that macroeconomic events and geopolitical tension can suddenly change the direction of financial markets, including crypto.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.