A widely followed crypto strategist is drawing the line in the sand for Bitcoin (BTC) to trigger rallies toward new all-time highs.
In a video shared with his 475,400 followers on X, pseudonymous crypto trader Credible says Bitcoin needs to stay above a crucial price area to spark wave three of a five-wave surge that could propel BTC to $150,000.
Credible practices the Elliott Wave theory, which states that a bullish asset tends to exhibit a five-wave rally, with waves one, three and five acting as upward moves and waves two and four serving as corrective periods.
According to the trader, Bitcoin has completed the first wave, having rallied from $105,000 to $125,000, and is now amid a wave two correction. According to the trader, his wave count will remain valid as long as Bitcoin’s wave two correction doesn’t go below $105,000, which is the starting point of wave one.
“This third wave, which hasn’t begun yet, should move us to at least $135,000, assuming it starts now… Realistically, the third waves are often larger, but let’s just say we get to $135,000, we have a fourth wave and then a fifth wave, so again, minimum of $150,000 for this next leg up…
That’s a relatively conservative target: $150,000 plus based on developing price action… The bottom line is that we should not expect to see below $105,000.”
At time of writing, Bitcoin is trading for $112,971.
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