Analyst issues crypto warning, says catalyst could trigger ‘aggressive downtrend’ in altcoins

A widely followed cryptocurrency analyst and trader issues a warning about altcoins.

The analyst, known under the pseudonym Credible Crypto, tells his 404,000 followers on social media platform X that it is within the realm of possibility that Bitcoin (BTC) will fall by about 22% from current levels.

According to the analyst, a deep Bitcoin correction could have catastrophic consequences for altcoins.

“If BTC does indeed gain downward momentum and hits its own low at $53,000, expect altcoins across the board to also see a fairly aggressive downtrend.”

Looking at the trader’s chart, he seems to be suggesting that Bitcoin’s recent rally is over and that BTC is headed for a significant decline.

At the time of writing, Bitcoin is trading at $67,759.

Regarding the possible reaction of altcoins after the correction, Credible Crypto says:

“For some altcoins, this downtrend is likely to be temporary before a strong recovery occurs. For others, it could be the start of a larger downturn.”

The widely followed crypto analyst and trader says that if Bitcoin falls to its target, the development would represent a “huge opportunity” as he expects the price of the flagship digital asset to eventually rise above $100,000.

The pseudonymous analyst and trader also says he is more pessimistic about Ethereum (ETH) than Bitcoin.

“I am much more confident that ETH will bottom out than that BTC will bottom out at $53,000.

Given the weakness we are currently seeing in ETH, it is quite possible that ETH will make new local lows (below $2,800) while BTC makes a higher low.”

At the time of writing, Ethereum is trading at $3,248.

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