A popular crypto analyst says Bitcoin and XRP are now on the fast track to breaking their all-time highs.
Analyst Credible Crypto tells his 79,000 Twitter followers that he believes Bitcoin (BTC) is set to surpass its all-time high of $20,000 in a week or two.
The analyst uses the Elliott Wave Theory, which aims to identify recurring wave patterns to predict how market participants will behave. He says Bitcoin’s current trajectory appears to show BTC’s all-time high is imminent, and the leading cryptocurrency won’t stop there.
“I do think we’re going to extend a lot higher than the all-time high before this parabolic move completes because of the wave structure that I’m seeing here… We may get a fifth [wave] at something like $32,000 before we get a 30% to 40% correction.”
The analyst, who predicted XRP’s recent breakout, expects XRP and the altcoin market to follow Bitcoin’s lead shortly thereafter. Specifically, he sees XRP targeting a new high of about $4.10 by April 2021.
“I mentioned that the minimum target for the major wave three was going to be around $0.60. We’ve hit that minimum target and we could definitely go higher. We’ve got $1.00 as the next major area of resistance. Then I’m expecting some sideways consolidation for a wave 4 before a major wave 5, which could absolutely extend [to $4.10].
One thing that I want to make very clear here is that in all prior times Bitcoin has broken an all-time high these alts have typically reached their all-time highs within two months… I’m expecting Bitcoin to break all-time high within the next week or two weeks and I suspect that XRP breaks its all-time high within the next one to two months after Bitcoin breaks its all-time high.”
The analyst says he remains long-term bullish on BTC as long as it remains above the $13,000 area.
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