A popular crypto strategist and trader Credible Crypto has stated that he foresees a prolonged correction in Bitcoin for a major price rally.
Addressing his 266,400 followers on Twitter, the analyst stated that Bitcoin is in the middle of wave 4 correction and that there are two possible scenarios before the bull cycle kicks off the last major rally.
19 months later, and here we are. It really doesn’t matter what type of structure this Wave 4 forms- the purpose is the same- re-accumulation before the 5th and final wave of this bullish cycle. $BTC https://t.co/F9aiP3YSul pic.twitter.com/IBTMISSGVN
— Credible Crypto (@CredibleCrypto) November 19, 2021
In the tweet in question, the analyst said, “19 months later, here we are. It doesn’t really matter what kind of structure this 4th wave creates. The goal is the same: to reaccumulate before the 5th and final wave of this bull cycle.” gave his words.
Based on the Elliott Wave theory, Bitcoin’s fourth wave – the last corrective move before BTC’s last big leg – could be in the form of a large symmetrical triangle.
Judging from this chart shared by Credible, Bitcoin’s corrective phase could reach the end of 2022 and push Bitcoin back to around $35,000.
The trader also suggested another pattern where Bitcoin could drop to around $40,000 by next year before starting its final wave.
“As long as ETH/BTC holds this level, we are preparing for some big bull actions on altcoins.” said the analyst, and shared another graphic:
On the other hand, the famous analyst says that when we look at Ethereum against the US dollar, ETH should retake $4,770. He stated that otherwise, a refusal to current prices could initiate a sell-off event that pushes ETH value below $4,000.
And the related tweet included the following words: “We are seeing some relief here, but as we approach 4,400 ETH, it’s time to be cautious. I’m locked into some gains here. If we manage to clear the area we are probably good to go to the new ATH but if we decline we could see a drop to $3,000 or less.” said.
