Most crypto players believe that there will be a long period between the current cycle and the next bull cycle. But, the analyst known by the pseudonym Credible Crypto disagrees. This is what he recently demonstrated by performing the analysis of two scenarios on a graph on Twitter. Check out the prediction Credible Crypto made on bitcoin (BTC).
Towards a six-figure price for bitcoin (BTC), according to Credible Crypto
Currently, bitcoin is at just over $30,000, which incidentally puts MicroStrategy’s holdings in the green. Several analysts expect the flagship crypto to experience a long period of consolidation ahead of the next bull run. But, for analyst Credible Crypto, bitcoin is preparing to hit all-time highs. The strategist expects BTC price crosses six-digit mark before the end of the year.
Credible Crypto presented two scenarios to its followers. One of the scenarios is expected by the majority of market players while the other is more probable. Furthermore, the analyst explained that traders are probably giving too much importance to the halving. The latter is scheduled for April next year. Also, it has always coincided with bitcoin market cycles.
Elliot wave theory
The analyst believes that BTC price is ready to outrun the halving cycle this time around. He stated: “ It is almost universally accepted on Crypto Twitter that this rally will end in the $30,000-40,000 range and give everyone more than 6 months to accumulate before we head into a new ATH “.
However, Credible Crypto asserted : “ The collapse from 30,000 was triggered by an unprecedented wave of black swan-like events that caused massive sell-offs and panic selling. I seriously doubt that once we get back to those levels we will be content to let all the panic sellers take their time and recharge for the rally back to 70,000 or more. That’s just not how things work “.
Credible Crypto brought up the Elliot Wave Theory. The latter describes price movement in a series of waves based on crowd psychology. They indicate that upward price impulses take place in five main waves. Credible Crypto rightly believes that BTC is in the middle of its fifth and final wave.
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