A widely followed crypto strategist believes Bitcoin (BTC) is positioned to unleash a breakout rally on its way to new all-time highs in the coming days.
In a new video update, pseudonymous analyst Credible tells his 53,200 YouTube subscribers that Bitcoin may have just started a five-wave rally that could push BTC above $100,000.
Credible is based on the Elliott Wave theory, which states that a bullish asset often witnesses a wave of five waves, with waves one, three and five being upward moves and waves two and four being corrective periods.
According to the analyst, Bitcoin’s recent move from $60,000 to above $70,000 may have been the first wave of the rally, with the correction to $66,000 serving as the second wave.
“Now that we can confirm that this first stage is over, we are now seeing the second wave correction. What follows the correction of wave two, no matter how deep it goes, is a much bigger wave three, four and a five.
If our first wave went up from $60,000 to $70,000, that’s a $10,000 move, the third [wave] is usually greater than that and the fifth is equivalent…
The bottom line, however, is that wherever this second wave ends, we can expect at least $20,000 more upside potential from wherever this correction ends. If this correction ends at $66,000, then we are looking at a minimum of $86,000 for this next completed push to the upside.
It is more likely to reach $90,000, possibly the $100,000 level.”
Credible also believes the rally will be a “much more sustainable and stronger uptrend” for BTC.
At the time of writing, Bitcoin is trading at $69,204, up fractionally in the past day.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: DALLE3