A popular crypto strategist is predicting a parabolic rally for Bitcoin this year after BTC broke a key psychological resistance at $20,000.
Pseudonymous analyst Credible tells his 335,700 Twitter followers that he believes the bottom for Bitcoin is “officially” in this bear market.
“It has crossed $21,500 on futures exchanges. Spot exchanges have just touched $21,500 but I’ve seen what I need. It’s on. [The] Bottom is officially in I think. Watch for $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 can to drive the king crypto to a new all-time high in the coming months.
“And it starts… [The] The next impulse has either started or is imminent, and BTC dominance is starting to exit the blue-green region as expected. Expect a mega run in dominance as BTC surges to a new all-time high in the next six months or so.”
The crypto strategist also says that Bitcoin’s current market structure appears to be flashing September 2020 vibes as Bitcoin consolidated around $9,000 before exploding to $60,000.
“It’s happening now. Again.”
Credible highlights that Bitcoin is in the midst of a long-term bull market and that last year’s deep correction is part of a five-wave uptrend. The popular Elliott Wave practitioner believes BTC is now on the verge of starting 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 movements based on crowd psychology, which tends to manifest itself in waves. The theory states that a bullish asset goes through a five-wave rally, with waves one, three, and five marked by sharp rises.
At the time of writing, Bitcoin is trading hands at $20,740, suggesting more than 623% upside potential for BTC should it meet Credible’s target.
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Featured image: Shutterstock/Larich