Popular cryptocurrency analyst Credible thinks that the Bitcoin price is in a position to ignite a rally to all-time highs in the next few days. Credible claims that Bitcoin may have started a five-wave rally that could push its price above $100,000. This prediction has created great excitement and expectation in the cryptocurrency market.
Credible relies on Elliott Wave theory in its analysis. Elliott Wave theory is known as a theory that describes the recurring cycles inherent in price movements in financial markets. According to this theory, markets move in five-wave bullish and three-wave bearish cycles. In uptrends, the first, third and fifth waves represent upward movements, while the second and fourth waves are considered correction periods. This model helps traders predict market trends and adjust their strategies accordingly.
According to Credible, Bitcoin’s recent price movements fit perfectly into this five-wave bullish theory. The rise in Bitcoin price from $60,000 to above $70,000 could be the first wave of the rally. This rapid increase is considered as an indicator that the market has entered a strong upward trend. The subsequent drop to $66,000 is interpreted as a second wave correction. This correction wave represents a period in which investors re-evaluate their positions by taking profits.
According to this analysis from Credible, the third wave could start now and push Bitcoin’s price significantly higher. According to Elliott Wave theory, the third wave is generally considered the strongest and longest lasting wave. Therefore, Bitcoin’s price could rise above $100,000 during this wave. After the third wave is completed, a fourth wave correction is expected. There may be some decline in prices during this period, but the general trend is expected to remain upward. The fifth and final wave represents a period in which the price will rise again and reach its peak. In this wave, Bitcoin is likely to reach new record highs.
The analyst made the following statement on the subject:
“Now that we can confirm that this first leg has been completed, what we are seeing now is a second wave correction. What follows the second wave correction, however deep, is a much larger third, fourth and fifth wave.
NEWS CONTINUES BELOWIf it went from $60,000 to $70,000 with our first upward wave, that’s a $10,000 move, the third wave is usually larger than that, and the fifth is equivalent to that…
As a result, where this second wave ends, we can expect at least $20,000 more upside from where this correction ends. If this correction ends at $66,000, a minimum of $86,000 can be expected for the next upward move.
“Most likely this will move towards $90,000, potentially towards the $100,000 level.”
Credible’s predictions are met with widespread interest in the cryptocurrency market. Bitcoin’s potential rise above $100,000 is seen as a huge opportunity for both retail and institutional investors. Institutional investors, in particular, may tend to hold more crypto assets in their portfolios as the value of Bitcoin increases. This could increase market liquidity and push Bitcoin’s price even higher.
However, it is also important for investors to be careful with such predictions. Cryptocurrency markets have high volatility and prices can change quickly and unexpectedly. Technical analysis methods such as Elliott Wave theory attempt to predict the future based on past price movements, but neither analysis method provides definitive results. Therefore, investors need to constantly monitor market conditions and implement risk management strategies.
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