A popular crypto analyst says Bitcoin may experience an aggressive move to the upside once the current consolidation phase ends.
In a new video, the analyst pseudonymously known as Credible Crypto tells his 67,500 YouTube subscribers that Bitcoin (BTC) is about to embark on the fifth wave of a bullish trend.
According to the analyst who regularly applies the Elliott Wave theory in his technical analysis, BTC could rally by a minimum of 52% from the current level over the coming weeks and months. The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
“The moves to the upside as we go up here should get even more aggressive than the move from $58,000 to $90,000 because this is essentially the parabolic blow-off top, the final fifth wave of the fifth wave of the cycle that started back when Bitcoin was at $3,000 in 2018.
So this is seven years in the making and this move should be the most aggressive move we’ve seen in the cycle – which means it should be the most violent move to the upside that we’ve seen the last seven years…
…we have our minimum target here of $150,000. We should break that I think in the next wave up, see some consolidation and go for a final fifth wave. I’m not sure how high that’s going to go but it should be somewhere under $300,000.”
Source: Credible Crypto/YouTube
Bitcoin is trading at $98,500 at time of writing.
Credible Crypto, however, says Bitcoin could first plunge to levels last witnessed in November of 2024 without altering the bullish market structure he sees developing before a potential breakout.
“So people that are freaking out if we do get a move into the $80,000, you should not be. That’s totally healthy and fine. Even the $70,000 is fair game, although I don’t think that we will necessarily get that now.”
Generated Image: Midjourney
