A popular crypto strategist is predicting a parabolic rally for Bitcoin this year now that BTC has broken key psychological resistance at $20,000.
Pseudonymous analyst Credible tells his 335,700 Twitter followers that he believes the bottom for Bitcoin in this bear market is “officially.”
“$21,500 has been breached on the futures exchanges. Spot trades have barely reached $21,500, but I have seen what I need. Its on. [The] The bottom is officially in, in my opinion. 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 may boost the crypto king to a new all-time high in the coming months.
“And here we go… [The] the next push has started or is imminent and BTC dominance is starting to rise into the teal region as expected. Looking forward to a mega streak in dominance as BTC hits 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 showing vibrations from September 2020, when Bitcoin consolidated around $9,000 before exploding to $60,000.
“It’s happening. 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 that BTC is now about to start its fifth wave en route to a new all-time high of around $150,000.
“Who is ready for the fifth wave to new all-time highs in 2023? BTC”.
Elliott Wave Theory is an advanced technical analysis approach that attempts to predict future price action based on crowd psychology that tends to manifest itself in waves. The theory states that a bullish asset performs a five-wave rally where waves one, three, and five are marked by strong rallies.
At the time of writing, Bitcoin is trading for $20,740, suggesting over 623% upside potential for BTC should it hit Credible’s target.
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