A crypto analyst gaining traction for timely Bitcoin calls is outlining a scenario where BTC breaks free from sideways trading and surges to new all-time highs.
Pseudonymous analyst Credible tells his 468,700 followers on the social media platform X that Bitcoin appears to be following an Elliott Wave (EW) pattern where BTC consolidates in the next few weeks before igniting a breakout rally toward the end of July.
Elliott Wave theory is an advanced form of technical analysis that seeks to forecast future price movements by tracking crowd psychology, which often unfolds in recurring wave patterns.
Says Credible,
“BTC holding up very well over the last few days.
As stated in my last update, I think we will test the blue zone sooner or later, whether that be before or after taking our local range highs.
From an EW perspective, something like this would be ideal. Although there are, of course, a few different structures that we may see to complete this correction, structures that lead to a tighter compression before expansion are always preferred because a substantial decrease in volatility/compression usually leads to a stronger breakout after.
Focus should remain on key levels (blue zone and range highs) in terms of areas of interest.”
Based on the trader’s chart, he seems to suggest that Bitcoin will briefly rally above $110,000 before pulling back to the $100,000 level to gear up for a breakout surge.
As for the altcoin market, Credible thinks that alts will witness huge upside bursts despite concerns about liquidity sources. According to the analyst, crypto investors had the same liquidity worry about Bitcoin when it was trading below $30,000, and now BTC is worth $107,417.
“Stop worrying about ‘where the liquidity will come from’ for alts.
At this stage, crypto is like a teardrop in the ocean – there is plenty of liquidity out there.”
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