A closely followed crypto strategist and trader, Bitcoin (BTC) He explained that he predicted a jump, but warned that the recovery will not be in a straight line.
The analyst, known by the alias Credible, stated on his Twitter account of more than 282,000 followers that he believes Bitcoin has formed a local “low” and is poised to ignite a “help rally” next.
“What I was looking for was sweeping our bottoms. The lows swept, with Bitfinex making a bid with a hit of $45,000. Now we need to relax for $55,000 and above.”
credible, bitcoinWhile there is a long-term bullish in , he also expects BTC to break lower before $55,000 before another major correction.
“I would like to make a small update on the idea below, I think we will see some relief in the next week or two, but then we will have another swing below $42,000 but above $30,000 to complete our flat structure.”
Analyst is a technical analysis approach that predicts future price action by following crowd psychology, which tends to manifest in waves. Elliott Wave theoryWhat is he using?
According to Credible, Bitcoin is still in the middle of the fourth wave, which is the correction phase of a five-wave uptrend. The crypto trader predicts that a move below $40,000 will complete the fourth wave and put BTC in a position to ignite the fifth and final wave on its way to break above $100,000 by July 2022.
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