Analyst Predicts Meteoric Rally For Bitcoin This Year, Says BTC Expansion Has Begun – Here’s His Goal
A widely followed crypto strategist says a massive Bitcoin (BTC) rally to a new all-time high is already underway.
Pseudonymous analyst Credible tells his 338,900 Twitter followers that he believes Bitcoin is in the early stages of a major bull run after a long bottom period last year.
According to Credible, Bitcoin’s price action between June and December 2022 is the longest period of consolidation for BTC in the last four years.
“The expansion has begun. This time after a period of consolidation that was ~30% longer than our last major rallies in 2019 and 2020. If you thought those rallies were strong, wait until you see this next one.”
Believably earlier so that the period of consolidation with relatively low volatility is necessary to build a stable base for the subsequent BTC rally.
“It should be boring – it’s part of the process. The more boring it gets, the better it is for the upcoming expansion.”
With the bottom process now out of the way, Credible believes that Bitcoin is already in the midst of a major fifth-wave surge.
“Now that our fourth wave is complete, I’ve updated the chart with our fourth wave completed time. We can see that once again the void ($14,000) was never hit and our big fifth appears to have begun.”
Credible is a popular practitioner of the Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest itself in waves.
According to the theory, a bullish asset goes through a five-wave uptrend where waves one, three and five are periods of rising prices.
Looking at Credible’s chart, he seems to be predicting a massive Bitcoin rally towards the $130,000 price level before this year is over.
At the time of writing, Bitcoin is trading at $28,181.
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