An anonymous cryptocurrency analyst and trader, known as Credible Crypto, predicts a potential collapse in the value of memecoins. Despite Bitcoin reaching new all-time highs, the analyst notes that memecoins have been the only altcoins experiencing significant gains in recent months. This has led to a widespread belief that we are in a “meme supercycle” where memes dominate the market and fundamentals are disregarded. As a result, many investors have lost faith in their non-meme altcoin holdings. However, the analyst believes that while memecoins may be thriving now, there will eventually be a reckoning for these assets. They also assert that other altcoins will have their time to shine in the future.
In terms of Bitcoin, the analyst suggests that the cryptocurrency could retest the lower $60,000 range before breaking through the upper trendline resistance. They express a desire to see Bitcoin drop further before a reversal occurs, indicating that they believe there is still room for growth in the market.
Moving on to Ethereum competitor Hedera (HBAR), the analyst predicts a potential increase of over 90% from its current value. They observe a five-wave impulse off the lows, indicating a positive trend for Hedera. They note that the first step towards this increase is a break in lower timeframe market structure, which will kickstart the upward movement. If a higher low is established, the analyst believes that Hedera could reach its previous highs.
At the time of writing, Bitcoin is trading at $64,496, showing a slight increase in the past 24 hours. Hedera, on the other hand, is trading at $0.11, experiencing a decrease of over 2% in the same time frame.
It is important to note that the opinions expressed by Credible Crypto are not investment advice. Investors should conduct their own research and exercise caution before making any high-risk investments in cryptocurrencies or digital assets. The Daily Hodl, where this information was sourced, does not endorse or recommend the buying or selling of any cryptocurrencies or digital assets.
