A well-known cryptocurrency analyst and trader, who goes by the pseudonym Credible Crypto, has expressed concerns about the potential collapse of memecoins. Despite the recent surge in Bitcoin’s value, Credible Crypto believes that memecoins, which have been the only altcoins experiencing significant growth in recent months, may not be sustainable. Many investors have placed their hopes on memecoins, disregarding traditional fundamentals. However, Credible Crypto predicts that a “meme reckoning” is imminent and that other altcoins will eventually have their time to shine.

In addition to his thoughts on memecoins, Credible Crypto also shares his views on Bitcoin’s future price movement. He suggests that Bitcoin may retest the lower $60,000 range before breaking through the upper trendline resistance. Despite the recent drop, Credible Crypto believes that there is still room for further decline before a reversal occurs.

Regarding Ethereum’s competitor Hedera, Credible Crypto predicts a potential increase of over 90% from its current value. He highlights the completion of a positive five-wave impulse off the lows and notes that a break in lower timeframe market structure could trigger a significant uptrend.

At the time of writing, Bitcoin is trading at $64,496, showing a slight increase in the last 24 hours. Hedera, on the other hand, is trading at $0.11, experiencing a decrease of more than 2% in the same timeframe.

It is important to note that the opinions expressed by Credible Crypto are not investment advice. Investors are advised to conduct thorough research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. The Daily Hodl, where this information was sourced, does not recommend buying or selling any cryptocurrencies or digital assets and is not an investment advisor.