Every day, at the heart of speculation, the flagship crypto crystallizes all fantasies. And there is reason, when we see the flagship crypto, pulverize, in 24 hours, the $30,000 mark before suffering a slight drop overnight and then rising again. Here is an analysis on the prospects for an exponential rise in bitcoin, already in motion, according to some.
Bitcoin hits $30,000: a dazzling bull cycle launched?
Bitcoin (BTC) is expected to experience both a rapid and significant price increase this year. This is admittedly nothing new given the plethora of such opinions delivered in recent weeks. But that is indeed the point of view defended by Credible, a pseudonymous crypto analyst.
On his Twitter account, the latter delivered, Sunday, April 9, the reasons for this prediction to its subscribers. Credible thinks bitcoin’s year-to-date price increase is likely set to last for some time.
And the latest figures seem to confirm his analyses. In the space of just 24 hours, BTC gained 6.13% in valuation to slightly exceed the $30,000 mark. This, without having long stagnated at the recently reached $28,000 mark.
Will bitcoiners be right?
For the time being, nothing is yet known about the reasons for this sudden increase. What is certain is that if things continue like this, it is certainly the bitcoiners who will rub their hands. In recent weeks, many of them have engaged in all-out speculation about the potential explosion in BTC prices.
For Credible in particular, the flagship crypto is actually in for a big bull run, following its long dry spell last year. Between June and December 2022, in fact, the price of BTC experienced a much less prosperous growth cycle.
It is even, he argues, the longest period of stagnation in asset prices in the past four years. This data is the basis of its analysis. According to Credible, this is necessary to sustain any cycle of significant bitcoin price volatility. And according to him, the flagship crypto would be at the start of the cycle in question.
“The expansion has begun. This time after a period of stagnation that was around 30% longer than our last major rallies in 2019 and 2020. If you thought these rallies were strong, wait until you see the next one. It’s supposed to be boring, but it’s part of the process. The more boring, the better for the upcoming expansion”said Credible.
The latter expects the major asset to peak at the $130,000 mark by the end of the year. An explosive prediction, based on the Elliott wave theory. It is based on the idea that markets move in waves of identifiable and predictable prices. With regard to the bitcoin market in particular, “his fifth major wave seems to have begun”. One is tempted to believe so in view of the current data.
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