A well-known cryptocurrency analyst and trader, who goes by the pseudonym Credible Crypto, is warning that a certain type of cryptocurrency is on the verge of collapsing. Credible Crypto, who has a large following of 391,500 users on the social media platform X, believes that memecoins could suddenly lose their value.

Despite Bitcoin reaching new all-time highs, Credible Crypto notes that there is still skepticism in the market due to the recent surge in memecoins. Many people are claiming that this market cycle is different and that fundamentals no longer matter. As a result, investors have lost hope in their non-meme altcoins, while meme enthusiasts are becoming increasingly vocal.

However, Credible Crypto offers three insights. Firstly, he believes that the overall market will continue to rise. Secondly, he predicts a “meme reckoning” in the near future. And lastly, he assures investors that other altcoins will have their moment eventually.

Moving on to Bitcoin, Credible Crypto suggests that it may retest the lower $60,000 range before breaking through the upper trendline resistance. He expresses a desire to see a further drop in price before a reversal occurs, indicating that he believes there is still room for growth.

As for Ethereum competitor Hedera (HBAR), Credible Crypto sees a potential increase of over 90% from its current value. He points out that the first step towards this growth is a break in the lower timeframe market structure, followed by the printing of a higher low that could propel the price back to its previous highs.

At the time of writing, Bitcoin is trading at $64,496, showing a slight increase in the past 24 hours. Meanwhile, Hedera is trading at $0.11, experiencing a decline of over 2% within the same time frame.

It’s important to note that the opinions expressed by Credible Crypto are not investment advice. Investors are urged to conduct their own research and exercise caution when making high-risk investments in cryptocurrencies or digital assets. The Daily Hodl, where this information was sourced from, does not endorse the buying or selling of any cryptocurrencies or digital assets, and readers are advised to be aware of the risks involved.