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April 9, 2023

Analyst Predicts Meteoric Rally for Bitcoin This Year, Says BTC Expansion Has Begun – Here’s His Target

By Daily Hodl Staff

A widely followed crypto strategist says a massive Bitcoin (BTC) rally to a fresh all-time high is already underway.

Psuedonymous analyst Credible tells his 338,900 Twitter followers that he believes Bitcoin is in the early stages of a big bull run following a long bottoming out period last year.

According to Credible, Bitcoin’s price action between June to December 2022 is the longest consolidation period for BTC in the last four years.

“Expansion has begun. This time following a consolidation period that was ~30% longer than our last major rallies in 2019 and 2020. If you thought those rallies were strong, wait till you see this next one.” 

Source: Credible/Twitter

Credible previously said that the period of relatively low-volatility consolidation is necessary to build a stable base for the ensuing BTC rally.

“It’s supposed to be boring – it’s part of the process. The more boring it gets the better it is for the coming expansion.” 

With the bottoming process now out of the way, Credible thinks that Bitcoin is already in the midst of a major fifth wave surge.

“Now that our fourth wave is complete I’ve updated the chart with the completed time for our fourth wave. We can see that once again, invalidation ($14,000) was never hit and our major fifth looks to have begun.” 

Source: Credible/Twitter

Credible is a popular practitioner of the Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves.

According to the theory, a bullish asset goes through a five-wave uptrend where waves one, three and five are periods of rising prices.

Looking at Credible’s chart, he appears to be predicting a massive Bitcoin rally toward the $130,000 price level before this year ends.

At time of writing, Bitcoin is trading for $28,181.

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