Crypto analyst predicts parabolic rally for Bitcoin (BTC) – Here’s his target and timeline
A popular crypto strategist and trader says Bitcoin (BTC) is preparing for a raging bull market next year.
Pseudonymous crypto strategist Credible tells his 338,500 Twitter followers that Bitcoin is about to end a major correction period and looks set to launch a parabolic rally to six-figure levels.
“Although we have gone lower than expected in terms of price, macro invalidation has not been hit ($14,000) and time-wise we are still on track for our fifth wave, despite what it may seem. Time-wise, correction of wave four proportional to the third wave, just as wave two was to the first wave.”
Credible is a popular practitioner of the Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest itself in waves. According to the theory, a major uptrend goes through five distinct waves where waves one, three and five are upswings while the other two are corrective periods.
Looking at Credible’s chart, the analyst seems to predict that Bitcoin will begin its steep rally next month. According to Credible, he expects Bitcoin will skyrocket to around $150,000 next year.
Believable too says that the current sentiment is reminiscent of how traders and investors felt during the Covid-19 pandemic.
“Heard almost exactly the same thing during the Covid crash in March [2020]. We went 20 times shortly after.”
In the short term, the crypto strategist sees Bitcoin rally above $22,000.
“More chop, more sweeps of our local lows, liquidity continues to build and inefficiencies still loom. The most logical move is still up in my opinion. Maybe we’ll take the June lows first, maybe we won’t – either way we’re going to rip up to fill this void sooner or later.”
At the time of writing, Bitcoin is changing hands for $19,107, flat on the day.
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