A Crypto Strategist Updates Outlook on Kaspa Altcoin
A popular crypto strategist, known as Credible Crypto, is revising his perspective on the Kaspa (KAS) altcoin amid a sideways trading market for cryptocurrencies. Credible Crypto suggests that KAS, a proof-of-work cryptocurrency, might experience resistance at a crucial level before continuing its upward trend. The trader prefers a scenario where KAS consolidates and builds a stronger base before embarking on a more explosive rally. Credible Crypto’s chart indicates that KAS could potentially drop to around $0.10 before surging beyond $0.16. At the time of writing, KAS is currently priced at $0.125, representing a 289% gain since its low of $0.0321 on August 29th.
Predicted Bitcoin Correction by Credible Crypto
In addition to his analysis of KAS, Credible Crypto also offers insights into Bitcoin’s potential correction. He anticipates that Bitcoin (BTC) will undergo a correction of over 4% due to an abrupt sell-off. The trader explains that there has been a deviation at the range highs, resulting in late longs entering the market and subsequently triggering a sell-off. Credible Crypto expects this sell-off to drive Bitcoin down to its mid-range, causing it to lose further support and potentially dropping to $35,500, which he has identified as a significant level for a price rebound. As of now, Bitcoin is trading at $37,120, reflecting a 1.9% increase in the past 24 hours.
Hot Take: Kaspa’s Potential Rejection and Bitcoin’s Impending Correction
According to Credible Crypto’s analysis, Kaspa (KAS) may face rejection at its current resistance level before continuing its rally. The trader suggests that a consolidation period and the formation of a stronger base would lead to a more sustainable and explosive rally in the future. On the other hand, Credible Crypto predicts a correction for Bitcoin (BTC) due to a sell-off triggered by late longs at range highs. He expects Bitcoin to drop to its mid-range and potentially reach $35,500 before experiencing a rebound. These insights provide valuable information for crypto traders looking to make informed investment decisions.
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