Trader Warns Full Retracement for Bitcoin in Sight After Abrupt Rally Above $90,000 – Here’s His Downside Target

A crypto strategist known for making timely Bitcoin calls believes that a deeper drawdown is now on the table for BTC .

Pseudonymous analyst Credible tells his 464,800 followers on the social media platform X that he now expects Bitcoin to go below its recent low of $78,000 after failing to reclaim $90,000 as support.

While the trader is short-term bearish on BTC, he says that the pullback will be a golden opportunity for long-term investors.

“At the moment, it’s looking like we may get a full retracement on BTC which should result in similar pullbacks across the board and some fantastic buy opportunities.”

Source: Credible/X

Looking at the trader’s chart, he seems to predict that Bitcoin will drop to his high time frame (HTF) demand level between $74,000 and $69,000.

According to Credible, Bitcoin needs to hold the HTF demand zone to keep its bullish market structure intact.

“But yeah, I really don’t want to see it below that $69,000-$74,000 region which is that key HTF demand zone.”

At time of writing, Bitcoin is trading for $83,841, down over 9% in the last 24 hours.

Turning to the payments altcoin XRP , Credible says that the coin’s immediate support sits at around $1.80. If that fails, he sees the level between $1.60 and $1.30 as the best risk/reward area for bulls.

“Eyes on the next area of interest now to potentially re-load (sub $2, HTF demand, ‘best R/R’ zone).”

Source: Credible/X

At time of writing, XRP is worth $2.28.

As for fellow the payments token Litecoin, Credible thinks LTC is headed to its weekly support zone at around $56.

“Let’s see if this pullback across the board will give it to me.”

Source: Credible/X

At time of writing, LTC is worth $104.

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