A popular crypto trader thinks one Ethereum-based altcoin is likely destined to rally by more than 3,000%.
The pseudonymous crypto analyst CredibleCrypto tells his 336,100 Twitter followers that CRV, the native token on decentralized finance (DeFi) platform Curve DAO has the potential to explode in the next bull market.
Credible sets his first price target at $1 to confirm the rally and an initial resistance price level between $2-$3. The analyst says that CRV deserves a market cap somewhere between $13 billion and $14 billion, which would give it a price of around $20. Such a price expansion would mark roughly 3,178% in gains from CRV’s current price of $0.61.
“Despite being seriously underwater on my spot CRV holdings, my confidence hasn’t been shaken one bit. I still think CRV will be a top performer in the final stages of this cycle. Double digits easy imo (in my opinion), largest moves yet to come. Need to clear $1 to get the ball rolling.”
Credible is also focused on Bitcoin (BTC), saying the king crypto asset is set to reach a new all-time high (ATH) in 2023, despite the majority of traders and analysts leaning more bearish or at least expecting a long consolidation period.
“Any big accounts out there expecting new ATH in 2023 besides me? Genuinely curious as the consensus from what I have seen is that we need another six-plus months of consolidation at these lows before we begin ramping up again to put in a new ATH in 2024/2025 post halving.”
In the near term, Credible says Bitcoin’s invalidation price is at $15,997 and says BTC could dip down to a range of between $16,300 and $16,500 before rallying higher.
“Funding has reset and is back to neutral and low timeframes look like we need a bit more of a pullback here before we are ready for the next leg. Invalidation remains the same- this chop above is just consolidation for the next leg up imo.”
At time of writing, Bitcoin is changing hands at $17,008.
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Featured Image: Shutterstock/Vo Thi Thao Lan/Nikelser Kate