A widely followed crypto analyst says Bitcoin (BTC) is about to unleash steep rallies that could send the flagship digital asset to a new all-time high before the year ends.
In a new video, pseudonymous analyst Credible Crypto tells his 343,200 Twitter followers that Bitcoin is currently witnessing a five-wave uptrend.
Specifically, the analyst says BTC is already in the middle of its big wave three, which typically trumps a parabolic move to the upside.
“In general, the third wave is the strongest. You are expected to see rapid expansion once we break out of this structure here…
I’ve talked about $10,000 a month candles and that’s exactly what I expect to see once we break out of this consolidation.
Credible Crypto is a popular practitioner of Elliott Wave Theory, an advanced technical analysis approach that attempts to predict future price action by following crowd psychology that usually manifests itself in waves.
According to the theory, a bullish asset goes through a five-wave rally, with waves one, three, and five being periods of rapid price acceleration. The theory also says that each major wave consists of smaller, five-wave motions known as sub-waves.
Credible Crypto says Bitcoin is likely about to ignite the third subwave of its big wave three, a period that often produces the strongest gains for a bullish asset.
“You’re going to be looking at $42,000 plus on this next step up, I expect that.”
Looking at Credible Crypto’s chart, it seems he believes Bitcoin’s big wave three could push BTC above $58,000 in October before retreating to $49,000 to complete its big wave four. The chart also shows that BTC climbed to $75,000 in November to complete its five-wave uptrend.
At the time of writing, Bitcoin is worth $29,345.
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Image generated: Midway through the journey