Bitcoin Poised for Breakout Rally to All-Time Highs
A popular crypto analyst predicts that Bitcoin (BTC) is primed for a breakout rally that could propel it to new all-time highs in the coming days.
In a recent video, an analyst known as Credible, with a substantial following of 53,200 subscribers on YouTube, suggests that Bitcoin might be entering a five-wave rally that could see it surpass $100,000.
Understanding the Elliott Wave Theory
- Credible relies on the Elliott Wave theory, a concept that indicates a bullish asset typically experiences a five-wave surge.
- These waves consist of three upside moves (waves one, three, and five) and two corrective periods (waves two and four).
Potential for a Significant Upside Move
- The recent movement of Bitcoin from $60,000 to over $70,000 could represent the first wave of the anticipated rally.
- The correction down to $66,000 likely served as the wave-two correction in this pattern.
According to Credible, following the completion of the wave-two correction, Bitcoin could experience larger waves three, four, and five, leading to significant upside potential.
Given the initial $10,000 move from $60,000 to $70,000 in the first wave, subsequent waves may bring even higher price targets, with a minimum projection of $86,000 if the correction concludes at $66,000.
It is probable that Bitcoin could surge into the $90,000s or even reach the $100,000 milestone in the next wave.
The Path to a Stronger and More Sustainable Uptrend
Credible also expresses confidence in the sustainability and strength of the upcoming rally for Bitcoin.
As of the latest data available, Bitcoin is currently trading at $69,204, with a slight increase in value over the past 24 hours.
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