A closely followed crypto analyst is unveiling a scenario that would devastate those who hopped on late on the Bitcoin (BTC) bandwagon.
Pseudonymous trader Credible Crypto tells his 360,900 followers on the social media platform X that Bitcoin will likely leave most retail traders on the sidelines and rally just high enough to entice them to come in.
[adinserter block="1"]The analyst predicts that those who are late to the Bitcoin bull market will be in for a big surprise as he expects BTC to witness a multi-year downtrend.
“Max pain is new all-time highs pre-halving while everyone fades BTC at $40,000-$50,000 and then massive dump into five+ year mega bear post-halving when everyone buys the dip thinking we have another one to two years left in this ‘new bull cycle’.”
Credible Crypto highlights that Bitcoin and crypto have been in a macro uptrend since inception and that a multi-year bear market will be good for the long-term health of the market.
“It’s not negative – it’s just realistic in my opinion.
Crypto has never had a secular bear market and every market has one. Nothing goes up only forever. This would be akin to the dot-com bust of the early 2000s that preceded what has been essentially a multi-decade secular bull for tech stocks.
I am basically expecting the same for crypto – a secular bear to wipe out all the junk and then the next multi-decade bull run in which the Googles, Apple and Amazons of the crypto space will be established.”
The analyst shares a chart showing Bitcoin rallying to as high as $180,000 before starting “The Real Bear Market.”
“The best (and worst) is yet to come…”
Credible Crypto’s prediction appears to be based on the Elliott Wave theory, a technical analysis approach that tries to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset witnesses a five-wave uptrend.
Looking at the trader’s chart, he seems to suggest that Bitcoin, during its major wave five, will rally to his $180,000 target before going through an extended bear market.
At time of writing, Bitcoin is trading for $43,041.
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