Analyst Expects Bitcoin to Steal Liquidity from Altcoins, Predicts Parabolic Rally
A crypto strategist believes that Bitcoin (BTC) is ready to take the spotlight once again and steal liquidity from altcoins. The analyst, known as Credible, predicts that Bitcoin will experience a parabolic rally, potentially reaching a six-figure price. Credible shares his insights on the social media platform X, where he has a large following of 382,300 users.
Credible bases his prediction on the Elliott Wave theory, which suggests that a bullish asset typically completes five-wave rallies before entering a consolidation phase. By analyzing his chart, Credible indicates that BTC could rally close to $105,000.
Short-Lived Rally and Potential Dip
Zooming in on the shorter term, Credible anticipates a brief rally for Bitcoin to the $70,000 range. This surge would likely be driven by traders leveraging their positions. However, Credible also notes that Bitcoin’s open interest (OI), which tracks the total number of outstanding derivatives contracts for an asset, is increasing. This indicates that after the rally, there may be a move down to around $63,000 to flush out excessive leverage.
Credible explains that while funding remains stable at the moment, the rising OI within this price range suggests the possibility of another downside movement following the local highs. He advises patience and highlights that the $63,000 region may be tested once more before any further expansion occurs.
Bitcoin’s Current Price
As of now, Bitcoin is trading at $65,768, representing a 1.68% decrease for the day.
🔥Hot Take: Analyst Predicts Parabolic Rally for Bitcoin, Says Time for Altcoins To Make Way for King BTC
According to crypto strategist Credible, Bitcoin is poised for a significant rally and may overshadow altcoins. Credible’s analysis suggests that Bitcoin could reach a six-figure price in the near future. While altcoins have seen their fair share of attention lately, Credible believes it is now time for Bitcoin to take center stage.
If Credible’s prediction proves accurate, we may witness an exciting surge in Bitcoin’s value. However, it’s important to note that market conditions can be unpredictable, and investors should approach cryptocurrency investments with caution.
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