A widely followed crypto analyst predicts that an Ethereum (ETH)-based altcoin will suddenly experience a parabolic rally.
In a new thread, pseudonymous crypto trader Credible tells his 409,300 followers on social media platform X that the native asset of stablecoin-focused decentralized exchange Curve DAO (CRV) could soon double in value, taking investors by surprise.
“CRV will quickly revalue twice as high, leaving most investors on the sidelines for everything else.”
At the time of his prediction, CRV was trading at around $0.25. At the time of writing, CRV is trading at $0.30, up 19.6% in the last 24 hours.
Credible says the latest price action supports its outlook.
“CRV is at $0.30, you like to see it. $0.40 and up after that.”
The analyst also believes that CRV could outperform Solana (SOL) and has the potential to regain its previous all-time high (ATH).
“Do you think SOL will hit $1,000? Even if it does, congratulations, that’s a 7x.
The CRV will be 30x at the previous ATH, beyond that you will reach 40x, 50x, etc. Do you want the 7x potential or the 50x potential? The only difference between the two is patience.
As for Bitcoin, the analyst suggests that (BTC) is heading towards the low $60,000 range based on trends in open interest (OI), which tracks the total number of outstanding derivative contracts for a given asset.
“A lot of people are watching the green long zone between $54,500 and $56,500 as we have local demand there and equal untapped lows. That being said, the heat maps show stacked supply just above that region, ahead of the “sweet spot” long zone. The OI has also completely reset again on this small move lower. I wouldn’t be surprised if we get ahead of the $54,500-$56,500 area and reverse the trend before that…
So far things look good, I think we will probably head towards our highs at $62,800 next time.
At the time of writing, Bitcoin is trading at $59,792, down slightly over the past 24 hours.
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Featured image: Shutterstock/TadashiArt
