A popular crypto strategist is predicting a parabolic rally for Bitcoin this year now that BTC has broken a key psychological resistance at $20,000.
Pseudonymous analyst Credible tells his 335,700 Twitter followers that he believes the floor for Bitcoin this bear market is “officially” in.
“$21,500 has been breached on futures exchanges. Spot exchanges have hit just shy of $21,500 but I’ve seen what I need to. It’s ON. [The] bottom is officially in, in my opinion. Watch $18,000s for a pullback (if we get one).”
According to the top analyst, a move above $21,500 would signal a fresh bull market for BTC that can propel the king crypto to a fresh all-time high in the coming months.
“And here we go… [The] next impulse has either begun or is imminent and BTC dominance is beginning to spike off the teal region as expected. Expecting a mega run in dominance as BTC rallies to a new all-time high over the next six months or so.”
The crypto strategist also says that Bitcoin’s current market structure appears to be flashing September 2020 vibes, when Bitcoin consolidated around $9,000 before exploding to $60,000.
“It’s happening. Again.”
Credible highlights that Bitcoin is in the midst of a long-term bull market and that last year’s deep correction is part of a five-wave uptrend. The popular Elliott Wave practitioner thinks that BTC is now on the verge of starting its fifth wave rally en route to a new all-time high at around $150,000.
“Who’s ready for the fifth wave to new all time highs in 2023? BTC.”
Elliott Wave theory is an advanced technical analysis approach that attempts to predict future price action based on crowd psychology that tends to manifest in waves. The theory states that a bullish asset goes on a five-wave rally where waves one, three and five are marked by strong surges.
At time of writing, Bitcoin is swapping hands for $20,740, suggesting an upside potential of more than 623% for BTC should it hit Credible’s target.
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