Trader Predicts Bitcoin May Experience a Drop Prior to the 'Next Upward Surge'

Bitcoin Analyst Predicts Dip Before Upside Surge

A well-known crypto analyst suggests that Bitcoin may experience a temporary drop before embarking on a new upward trend. Credible Crypto, a pseudonymous strategist, believes that while BTC is currently progressing favorably, it could briefly dip below $40,000 before initiating another rally. According to the analyst, Bitcoin’s next move should push its price above $60,000.

Credible Crypto relies on the Elliott Wave theory, which utilizes crowd psychology to forecast future price action. The theory posits that a bullish asset experiences a five-wave rise with corrective periods during waves two and four. Based on the analyst’s chart, Bitcoin appears to be in the final stages of its wave four correction, with the fifth and final wave expected to reach $60,000.

Currently trading at $40,944, Bitcoin’s price remains subject to change.

Ethereum Expected to Rise as Bitcoin Surges

In addition to his analysis on Bitcoin, Credible Crypto also discusses Ethereum’s outlook. The analyst suggests that ETH has likely reached its short-term low and will follow Bitcoin’s upward movement. Credible Crypto predicts that Ethereum has formed a base in the range of $2,154 to $2,216 and anticipates an upward trend in line with Bitcoin’s trajectory.

At the time of writing, Ethereum is trading at $2,170, still above the analyst’s short-term low prediction.

Hot Take: Analyst Anticipates Dip and Surge for Bitcoin

A crypto analyst known as Credible Crypto has shared insights into the future price movements of Bitcoin. According to the analyst, Bitcoin may experience a brief dip below $40,000 before initiating a significant rally. The analyst relies on the Elliott Wave theory to make these predictions and suggests that Bitcoin is currently in the fourth wave correction phase. However, despite the potential dip, the analyst expects Bitcoin to reach above $60,000 in its next impulsive move. Additionally, Credible Crypto believes that Ethereum has hit its short-term low and will rise alongside Bitcoin’s upward movement.