A closely followed analyst says that Bitcoin (BTC) is about to make a run for all-time highs a lot sooner than anyone realizes.
While most in the crypto space are expecting a lengthy period of consolidation before the next bull run, pseudonymous analyst Credible Crypto tells his 456,00 Twitter followers that Bitcoin is set to break the six-figure mark before the end of the year.
The analyst shows his 339,000 Twitter followers two scenarios on a chart, one which he says the majority of market participants expect, and one which he says is more likely to happen.
He says traders are likely putting too much emphasis on the Bitcoin halving, which is slated for April of next year and has historically coincided with BTC market cycles. According to him, the price of BTC is set to front-run the halving cycle this time around.
“It is almost universally agreed upon on CT (Crypto Twitter) that this rally will end in the 30-40k’s and give everyone 6+ months to accumulate before we head for new ATH in ’24-’25 (halving cycle theory).
The collapse from 30k was triggered by an unprecedented wave of black swan events that caused mass [liquidations] and panic selling- I seriously doubt that once we reclaim these levels we are just going to hang around and let everyone who panic sold comfortably take their time and reload for the ride to 70k+. That’s just not how these things work.”
Credible Crypto uses Elliot Wave theory, which depicts price movement in a series of waves based on crowd psychology. Under the theory, price impulses to the upside happen in five main waves, and according to the trader, BTC is in the midst of its fifth and final wave.
“Our 5th wave is well underway and it’s a beautiful sight to see. If you’ve been watching from the sidelines, don’t worry, there is still plenty of opportunity coming in my opinion.”
At time of writing, BTC is trading at $30,214, up 8% in the last week.
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Featured Image: Shutterstock/sdecoret/Konstantin Faraktinov
