A Crypto Strategist Predicts a Parabolic Surge for Bitcoin (BTC)
A trader known as Credible Crypto believes that Bitcoin (BTC) is preparing for a parabolic surge. According to the pseudonymous analyst, BTC has hit a local bottom after reaching the diagonal support of a bullish pennant pattern at $33,400.
Credible Crypto shares a chart indicating that BTC will first rally to around $39,000 to complete its major third-wave surge. Afterward, the cryptocurrency will consolidate and then rally above $48,000 in the first two weeks of November.
The analyst practices the Elliott Wave theory, which predicts future price action based on crowd psychology manifesting in waves. According to this theory, a bullish asset experiences five major waves, each with its own five sub-waves.
With Bitcoin currently trading at $34,319, Credible Crypto’s chart suggests that BTC has broken out of its bullish pennant pattern and is on its way to reaching around $39,000 for the sub-wave five of wave three.
The strategist also notes that Bitcoin has been outperforming tech stocks recently and appears ready for a significant surge to the upside.
Hot Take: Bitcoin Set for Explosive Growth
According to crypto strategist Credible Crypto, Bitcoin is poised for a parabolic surge. The trader believes that BTC has hit a local bottom and is now on track to rally above $48,000 in the coming weeks. Credible Crypto’s analysis, based on the Elliott Wave theory, suggests that BTC will first reach around $39,000 before consolidating and making a significant move upwards.
This prediction aligns with Bitcoin’s recent performance, as it has outperformed tech stocks and broken out of a multi-month consolidation structure. With these positive indicators, it appears that Bitcoin is ready for explosive growth and may decouple from traditional markets. Investors should keep a close eye on BTC as it continues its upward trajectory.
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