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Top crypto trader predicts parabolic Bitcoin rise to new all-time high this year – here’s his target

A popular crypto strategist is predicting a parabolic rally for Bitcoin this year now that BTC has broken a key psychological resistance of $20,000.

Pseudonymous analyst Credible tells his 335,700 Twitter followers that he believes the floor for Bitcoin this bear market is “officially” in.

“$21,500 has been broken on futures exchanges. The spot exchanges have only reached $21,500, but I’ve seen what I need. It’s on. [The] the bottom is officially in, in my opinion. See $18,000 for a pullback (if we get one).”

Top crypto trader predicts parabolic Bitcoin rise to new all-time high this year – here’s his target
Source: Credible/Twitter

According to the top analyst, a move above $21,500 would signal a new bull market for BTC that could propeller the king crypto to a new all-time high in the coming months.

“And here we go… [The] the next impulse has either started or is imminent and the BTC dominance is starting to take care of the blue-green region as expected. Expect a mega run in dominance as BTC surges to a new all-time high in the next six months or so.”

The crypto strategist also says that Bitcoin’s current market structure looks set to flash in September 2020, when Bitcoin consolidated around $9,000 before exploding to $60,000.

“It’s happening. One more time.”

Source: Credible/Twitter

Credible highlights that Bitcoin is in the middle of a long-term bull market and that last year’s deep correction is part of a five-wave uptrend. The popular Elliott Wave practitioner believes that BTC is now on the verge of starting its fifth wave rally on its way to a new all-time high of around $150,000.

“Who’s Ready for the Fifth Wave to New All-Time Highs in 2023? BTC.”

Source: Credible/Twitter

Elliott Wave Theory is an advanced technical analysis approach that attempts to predict future price action based on crowd psychology that tends to manifest in waves. The theory states that a bullish asset goes on a five-wave rally where waves one, three and five are characterized by strong waves.

At the time of writing, Bitcoin is exchanging hands at $20,740, suggesting an upside potential of more than 623% for BTC should it reach Credible’s target.

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Featured image: Shutterstock/Larich

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