A prominent crypto strategist and trader is predicting a parabolic rise in Bitcoin’s value that would make the rise to the recent all-time high of $64,000 a blip in the chart.
Jack Sparrow, the crypto analyst who accurately predicted BTC’s rise to $19,000 last year, tells his 203,600 followers that he’s positioning himself to capture the possibility of a massive Bitcoin ascent to $380,000.
“If this BTC cycle ends up with similar returns in a similar amount of time as the previous cycle, this is literally what the chart could look like. Perspective matters.
People recently calling me a perma bear but all I’m really doing is waiting to position for this possibility.”
During the 2017 boom cycle, Bitcoin corrected from nearly $5,000 down to $2,900 before igniting a meteoric rise to $20,000. Jack posits that if Bitcoin is at a similar bull market phase, a 1,000% rally is in the cards.
The crypto strategist has remained long-term bullish on the leading cryptocurrency even after the sell-off in May that devalued BTC by over 50%. According to Jack Sparrow, the bull market is not over as he sees one more rally on the horizon.
“I think we are missing a 5th wave, and that it is very likely that the correction since $65,000 is our 4th wave correction. Bull ain’t over in my opinion, and the game is to survive whilst patiently building risk to position for the fifth.”
The crypto trader is using Elliott Wave theory, which forecasts future price action by analyzing market psychology that tends to manifest in waves. According to the theory, the fourth wave is a corrective period that precedes the final leg of a market cycle.
In the midterm, Jack expects Bitcoin to continue consolidating in the next few months before resuming its bull market around the start of 2022.
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Featured Image: Shutterstock/Ash Pollard