A popular crypto strategist is predicting a parabolic rally for Bitcoin this year as BTC has broken a key psychological resistance near $20,000.
Pseudonymous analyst Credible tells his 335,700 Twitter followers that he believes the bottom for Bitcoin is “official” this bear market.
“$21,500 has been breached on futures exchanges. Spot exchanges just barely hit $21,500, but I’ve seen what to do. It is on. [The] bottom is officially in, in my opinion. Look at $18,000 for a pullback (if we get one).
According to the top analyst, a move above $21,500 would signal a new bull market for BTC that may move forward the king crypto to a new all-time high in the coming months.
“And here we go… [The] the next impulse has started or is imminent and BTC dominance is starting to rise out of the teal region as expected. We expect a mega run in dominance as BTC soars to a new all-time high in the next six months.”
The crypto strategist also says that Bitcoin’s current market structure appears to be flashing in the mood of September 2020, when Bitcoin consolidated around $9,000 before exploding to $60,000.
“It happened. One more time.”
Credible highlights that Bitcoin is in the midst of a protracted bull market and last year’s deep correction is part of a five-wave uptrend. The popular Elliott Wave practitioner thinks BTC is now about to begin its fifth wave rally on its way to a new all-time high around $150,000.
“Who is ready for the fifth wave to new all-time highs in 2023? Bitcoin.”
Elliott Wave Theory is an advanced technical analysis approach that attempts to predict future price action based on mass psychology that usually manifests itself in waves. The theory states that a bullish asset goes through a five-wave rally, with waves one, three, and five characterized by strong increases.
At the time of writing, Bitcoin is trading hands at $20,740, suggesting over 623% upside potential for BTC should it reach Credible’s target.
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