Crypto Strategist Predicts Bitcoin Drawdown

A crypto strategist known for timely Bitcoin calls believes a deeper drawdown for BTC is imminent.

Pseudonymous analyst Credible shared with his 464,800 followers on X that he expects Bitcoin to drop below its recent low of $78,000 after failing to reclaim $90,000 as support.

While bearish in the short term, he describes the pullback as a golden opportunity for long-term investors.

> “At the moment, it’s looking like we may get a full retracement on BTC which should result in similar pullbacks across the board and some fantastic buy opportunities.”
> — Source: Credible/X

On his chart, Credible predicts Bitcoin will fall to the high time frame (HTF) demand level between $74,000 and $69,000. He emphasizes the importance of holding this HTF demand zone to maintain its bullish market structure.

> “But yeah, I really don’t want to see it below that $69,000-$74,000 region which is that key HTF demand zone.”
> — Source: Credible/X

As of this writing, Bitcoin is trading at $83,841, down over 9% in the last 24 hours.

Turning to the altcoin XRP, Credible identifies its immediate support at around $1.80. If this level fails, he suggests the area between $1.60 and $1.30 as the best risk/reward spot for bullish traders.

> “Eyes on the next area of interest now to potentially re-load (sub $2, HTF demand, ‘best R/R’ zone).”
> — Source: Credible/X

Currently, XRP is valued at $2.28.

For Litecoin (LTC), Credible believes it will head toward its weekly support zone at around $56.

> “Let’s see if this pullback across the board will give it to me.”
> — Source: Credible/X

As of now, LTC is priced at $104.

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