A closely-followed crypto analyst has revealed that he expects Bitcoin (BTC) to make an explosive rally after BTC’s final correction ends.
The crypto strategist, known by the alias Credible, told his 336,500 Twitter followers that he expects the Bitcoin price to bounce back from $22,000 to $19,000 before launching a massive rally to its above $30,000 target. told.
“I was expecting a rejection from the red and was looking for a bearish move – we are about halfway through the ideal bearish target in the blue.”
Koinfinans.com As we reported, Credible estimation uses Elliott Wave theory, which is a technical analysis. Elliot Wave theory is a technical analysis tool that predicts future price movements by following crowd psychology manifested in waves. According to the theory, an asset goes through a five-wave cycle before reversing a major trend.
With Bitcoin currently trading at $19,679, it looks close to hitting Credible’s downside target for the number two corrective move drawn.
On the other hand, the crypto analyst stated in a recent video that a pullback to around $19,000 for BTC is healthy as it allows Bitcoin to set up higher low.
“There can be such a deep pullback. A deep retracement keeping the bullish number intact. And after this depth repeats and a higher low is formed, if you manage to break above these highs and break $22,000, it is likely… this correction will be the second wave and we expect a stronger wave to the upside. In that case, we’ll probably go over the red zone and confirm that the bottom is most likely occurring as of my last video. And we will see that evolve into a larger impulsive nature. At this point, the comeback is going well.”
As can be seen from the Credible chart, Bitcoin expects its price to climb as high as $32,000 in the near term, which means over 61% upside potential from BTC’s current prices.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.