As you probably know by now, the crypto market is undergoing a correction these days. At the moment of writing this article, BTC is trading in the red and the king coin is priced at $46,554.
It’s been revealed that a crypto strategist and trader is predicting a strong Bitcoin bounce – but warns that the recovery won’t happen in a straight line.
According to the online publication the Daily Hodl, crypto analyst Credible said that he believes Bitcoin (BTC) has carved a local bottom and is now poised to ignite a relief rally.
“There is the sweep of our lows I was looking for. Lows swept, Bitfinex bids at $45,000 hit. Now think we are clear for our relief to $55,000+.”
Even if the analyst is long-term bullish on Bitcoin, he sees BTC printing a lower high at $55,000 before another significant correction.
“Slight update to the idea below – think we will see some relief over the next week or two but then will have one more swing lower below $42,000 but above $30,000 to complete our flat structure.”
Despite the strong corrections that the king coin has been seeing lately, there are all kinds of optimistic predictions about the king coin these days.
Bitcoin adoption explodes
The mass adoption of Bitcoin and digital assets continues. Now, it’s been just revealed that Mexico’s Grupo Elektra will accept BTC as payment for purchases. This is the latest retailer in Latin America to embrace crypto.
It’s been revealed that Elektra, a supermarket and banking chain that belongs to conglomerate Grupo Salinas, offers a 20% discount on purchases with BTC, according to an online ad that has been shared on Twitter by Mexican billionaire Ricardo Salinas Pliego.
“The rumors are true. Elektra is the first (retail) store in Mexico that allows you to buy with bitcoin,” Salinas said in a tweet. “I’m very sorry to beat the competition again.”
Stay tuned for more news and make sure to keep your eyes on the crypto market.