A closely tracked crypto analyst says he expects Bitcoin (BTC) to pull off an explosive rally after BTC’s latest correction concludes.
Pseudonymous crypto strategist Credible tells his 336,500 Twitter followers he expected Bitcoin to retrace from $22,000 to around $19,000 before igniting a massive rally to his target above $30,000.
“Was expecting a rejection from red and looking for a move down.”
Credible subscribes to the Elliott Wave theory, a technical analysis approach attempting to predict future price action by following crowd psychology that tends to manifest in waves.
With Bitcoin currently changing hands for $19,824, BTC appears close to hitting Credible’s downside target for his plotted wave two corrective move.
In a recent video, the crypto analyst said a pullback to around $19,000 is healthy for BTC as it enables Bitcoin to print a bullish higher low setup.
“A retracement that deep is okay. A retracement that deep keeps the bullish count intact. And after retracing that deep and putting in a higher low, if you manage to come back above these highs and break $22,000, it’s likely… that this [correction] was a wave two and we’re getting a stronger wave to the upside. In that case, we’re likely to rip past above the red region and confirm again as from my last video that our bottom is likely in.
And we’ll see that develop likely into a larger impulsive structure. And at that point, reversal is well underway.”
Based on Credible’s chart, he expects Bitcoin to climb as high as $32,000 in the near term, an upside potential of over 61% from BTC’s current prices.
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Featured Image: Shutterstock/Alberto Andrei Rosu
