A popular crypto trader thinks Bitcoin (BTC) is on the path to a new all-time high, but he also warns that the top crypto asset could subsequently endure an “aggressive correction.”
The pseudonymous crypto analyst known as Credible Crypto tells his 361,800 followers on the social media platform X that since Bitcoin’s inception, the top crypto asset has endured three to four instances where dramatic crashes materialize on the heels of parabolic rallies.
“‘For every action, there is an equal and opposite reaction.’ This applies to markets too.
If you think we are going to have a parabolic rally to $100,000+ in a relatively short period of time, then you must accept that there will be an equally aggressive correction that follows.
Parabolic rallies occur because of greed and irrational exuberance and greed and irrational exuberance are what set a market up for devastating crashes. They go hand in hand. You don’t get one without the other.”
Credible Crypto predicts that BTC will first reach new all-time highs before cratering.
Bitcoin is trading at $43,323 at time of writing. The top-ranked crypto asset by market cap is up more than 160% since the start of 2023 but remains more than 37% down from its all-time high, which it hit in November 2021.
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