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A widely followed crypto analyst is predicting that one Ethereum (ETH)-based altcoin will suddenly go on a parabolic rally.
In a new thread, pseudonymous crypto trader Credible tells his 409,300 followers on the social media platform X that the native asset for the stablecoin-focused decentralized exchange Curve DAO (CRV) could soon double in value, catching investors by surprise.
“CRV will quickly reprice 2x higher, leaving most investors sidelined in everything else.”
At the time of his prediction, CRV was trading for around $0.25. At time of writing, CRV is trading for $0.30, up 19.6% in the last 24 hours.
Credible says the latest price action is confirming his outlook.
“CRV is knocking at $0.30, you love to see it. $0.40-plus next.”
The analyst also believes CRV could outperform Solana (SOL) and has the potential to reclaim its prior all-time high (ATH).
“You think SOL will go to $1,000? Even if it does, congrats, that’s a 7x.
CRV will be 30x at prior ATH, above that you’re hitting 40x, 50x, etc. You want the potential 7x or the potential 50x? The only difference between the two is patience.”
Looking at Bitcoin, the analyst suggests that (BTC) is heading into the low $60,000 range based on the trends in open interest (OI), which tracks the total number of outstanding derivatives contracts for a given asset.
“Lots of people watching the green long zone between $54,500-$56,500 as we have local demand there and equal, untapped lows. That being said heat maps are showing stacked bids right above that region front running the ‘ideal’ long zone. OI has also been completely reset again on this little move down. Would not surprise me if we front-run the $54,500-$56,500 zone and reverse before that…
Looking good so far, I think we probably head for our highs at $62,800 next.”
Bitcoin is trading for $59,792 at time of writing, down slightly in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/TadashiArt
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