Top crypto strategist says explosive Bitcoin rally imminent despite recent BTC withdrawal – here’s his goal
A closely tracked cryptanalyst says he expects Bitcoin (BTC) to conduct an explosive rally after BTC’s latest correction is completed.
Pseudonymous crypto strategist Credible tells his 336,500 Twitter followers that he expected Bitcoin to go back from $ 22,000 to around $ 19,000 before launching a massive rally to his goal of over $ 30,000.
“Expected a rejection from red and looking for a move down.”
Credible subscribes to the Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following audience psychology that tends to manifest in waves.
With Bitcoin currently changing hands for $ 19,824, it looks like BTC is close to hitting Credible’s downside target for its plotted corrective move of wave two.
In a recent video, the cryptanalyst said that a withdrawal of around $ 19,000 is healthy for BTC, as it allows Bitcoin to print a bullish higher low setup.
“Such a deep retracement is fine. A retracement that is deep keeps the bullish count intact. And after going back so deep and entering a higher low, if you manage to get back over those highs and break $ 22,000, it’s likely dette that this [correction] was a wave two and we get a stronger wave to the upside. In that case, we will probably tear past the red area and confirm again from the previous video that our bottom is probably inside.
And we will see that it probably develops into a larger impulsive structure. And at that point, the reversal is well underway. “
Based on Credibles’ chart, he expects Bitcoin to climb as high as $ 32,000 in the short term, an upside potential of over 61% from BTC’s current prices.
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Featured image: Shutterstock / Alberto Andrei Rosu
