Trader Says Altcoin That’s Exploded 1,700% This Year Looks Massively Bullish, Updates Outlook on Bitcoin

By The Daily Hodl November 16, 2023 In Bitcoin
Source: Credible Crypto/X

A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on a top-50 altcoin amid a market correction.

The analyst pseudonymously known as Credible Crypto tells his 351,500 followers on the X social media platform that the native token of the proof of work blockchain Kaspa (KAS) could go much higher after hitting new all-time highs in November.

“There is literally only one altcoin that I have come across thus far that has an impulsive structure that is as clear/bullish as Bitcoin and that is KAS.”

Source: Credible Crypto/X

Kaspa opened the year at $0.00539 and is trading at $0.0995 at time of writing, an increase of 1,746%.

Turning to Bitcoin (BTC), the widely followed analyst says that it’s “rather unlikely” that the flagship crypto asset could plunge to between $32,000 and $33,000.

According to Credible Crypto, Bitcoin is demonstrating similar price action to previous moves it made prior to bullish breakouts. The pseudonymous crypto analyst cites the example of Bitcoin failing to fall to between $11,000 and $12,000 before an uptrend commenced and BTC went on to hit a new all-time high of just under $70,000 in 2020.

Credible Crypto also cites the case of Bitcoin avoiding a drop to between $4,000 and $5,000 and exploding to $14,000 in 2019.

“Again the key here being that our context in all three scenarios is very similar- that is that each of these events occurred in the middle of a major impulse- when bullish momentum is at its strongest and “obvious” price sweeps are most often front-run.

Could this time be different? Sure. But odds are that we will see more of the same in my opinion.”

Source: Credible Crypto/X

Bitcoin is trading at $36,204 at time of writing.

Generated Image: DALLE3

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