A popular crypto strategist predicts a parabolic rally for Bitcoin this year now that BTC has broken key psychological resistance at $20,000.
The pseudonymous analyst Credible tells his 335,700 Twitter followers that he thinks the bottom for Bitcoin is “officially” in this bear market.
“$21,500 was breached in the futures markets. Spot trades hit just under $21,500, but I saw what I needed. It’s on. [The] bas is officially in, in my opinion. Look at $18,000 for a withdrawal (if we get one).
According to the top analyst, a move above $21,500 would signal a new bull market for BTC that could propel the crypto king to a new all-time high in the coming months.
“Here we go again… [The] the next pulse has started or is imminent and BTC dominance is starting to rise in the teal region as expected. I expect a mega run for 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 back in September 2020, when Bitcoin consolidated around $9,000 before exploding to $60,000.
“It’s happening. Again.”
Credible evidence points to Bitcoin being in the midst of a long-term bull market and last year’s deep correction being part of a five-wave uptrend. The popular Elliott Wave practitioner believes BTC is now poised to begin its fifth rally wave 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 which tends to come in waves. The theory states that a bullish asset makes a five-wave rally where waves one, three and five are marked by strong breakouts.
At the time of writing, Bitcoin was trading hands for $20,740, suggesting more than 623% upside potential for BTC if it hits Credible’s target.
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