A closely followed crypto strategist and trader is predicting a strong Bitcoin bounce – but warns that the recovery won’t happen in a straight line.
Pseudonymous crypto analyst Credible tells his 282,400 Twitter followers that he believes Bitcoin (BTC) has carved a local bottom and is now poised to ignite a relief rally.
“There is the sweep of our lows I was looking for. Lows swept, Bitfinex bids at $45,000 hit. Now think we are clear for our relief to $55,000+.”
Although Credible is long-term bullish on Bitcoin, he sees BTC printing a lower high at $55,000 before another significant correction.
“Slight update to the idea below – think we will see some relief over the next week or two but then will have one more swing lower below $42,000 but above $30,000 to complete our flat structure.”
The crypto analyst is using the Elliott Wave theory, a technical analysis approach that predicts future price action by following crowd psychology that tends to manifest in waves. According to Credible, Bitcoin is still in the midst of wave four, the corrective phase of a five-wave uptrend. The crypto trader says that a move below $40,000 will complete the fourth wave and put BTC in a position to ignite the fifth and final wave en route to above $100,000 by July 2022.
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