An analyst known for making timely Bitcoin calls believes that BTC needs one final leg down before sparking a new parabolic surge.
In a strategy session, pseudonymous analyst Credible Crypto tells his 67,800 YouTube subscribers that Bitcoin appears to be in the midst of a corrective wave two within a five-wave rally.
Credible practices the Elliott Wave theory, which states that a bullish asset tends to see a five-wave surge where waves two and four are corrective periods and waves one, three and five are upside moves.
According to the crypto strategist, it is within the realm of possibility for Bitcoin to retrace to below $80,000 before sparking a violent burst to the upside.
“The important takeaway from this chart is that this sub-wave two that we have depicted here can technically go lower into the $70,000s or even $80,000s without it affecting this higher time frame structure.
As long as you don’t go below the origin of this impulse which is down here at $58,000, we can technically retrace deeper into this region without it harming the higher time frame structure…
The other key takeaway here is that the moves to the upside as we go up here should get even more aggressive than the move from $58,000 to $90,000 because this is essentially the parabolic blow-off top. The final fifth wave of the fifth wave of the cycle that started back when Bitcoin was trading at $3,000 in 2018…
This move should be the most aggressive move we’ve seen in this cycle.”
Looking at the trader’s chart, he seems to suggest that Bitcoin will rally to at least $150,000 as the “minimum end of cycle target” but BTC could go as high as $230,000.
At time of writing, Bitcoin is trading for $97,987.
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