Bitcoin (BTC) & Ethereum (ETH) To Form New Lows After Hitting This Level!

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While Bitcoin (BTC) and Ethereum (ETH) are trying their best to retrieve their lost momentum, a well-known crypto analyst and trader is warning market participants regarding BTC and ETH’s bottom.

An anonymous analyst known as Credible predicts that though Bitcoin has shown ample momentum from its September 7th trade of nearly $18,500, he is of the opinion that the King currency will soon fall below $20,000.

As per the analyst, if the King currency closes above $20,700 there will be a confirmation for re-bounce. But he claims that before this the currency will face rejection and plunge below $20,000. After this, the currency will head towards the $23,000 price level.

Looking solid. A W1 close tomorrow above 20.7k should confirm the reclaim. May retest the 20.7k on LTF but a solid close tomorrow and we will look good to continue to 23k. After, expecting a rejection and a revisit to range lows/20k for a higher low before continuation UP. $BTC https://t.co/akqndT9AbW pic.twitter.com/NZDlm9yIZI

— CrediBULL Crypto (@CredibleCrypto) September 11, 2022

At the time of writing, Bitcoin is selling at $22,384 with a surge of 2.78% in the last 24hrs.

Ethereum (ETH)

Next, Credible talks about the lead altcoin, Ethereum and refers that despite ETH performing well in recent days, the currency will drop once Bitcoin hits its target price.

The strategist asserts that Ethereum is almost near to his upside target and it is expected to continue upward to $1,800-$1,900. However, he believes that Ethereum will see a rejection there and form new lows.

$ETH up some 20% from the bounce zone and now almost at my upside target. Again, looking for continuation up to $1800-$1900- expecting a rejection there and likely new local lows after. Most don’t want to hear this but it is what it is. https://t.co/0EQ24iOjFO pic.twitter.com/A3eWNLpdwm

— CrediBULL Crypto (@CredibleCrypto) September 10, 2022

At the time of publication, Ethereum is changing hands at $1,721 after a drop of 0.34% in the last 24hrs. As per the chart by the analyst, he expects ETH to drop near $1,200 after reaching nearly $1,900.

Also, the Ethereum community is eagerly looking forward to a price rise with an upcoming Ethereum Merge that will transform the network from proof-of-work (PoW) to proof-of-stake (PoS).