A cryptocurrency strategist is now predicting a parabolic rally for bitcoin this year BTC It broke a major psychological resistance at $20,000.
The analyst who goes by the pseudonym Credible tells his 335,700 Twitter followers that he believes this Bitcoin floor is “officially” a bear market.
“$21,500 has been hacked into the futures exchange. The spot exchanges have gotten close to $21,500, but I’ve seen what I need. It’s up. [The] Officially bottom, in my opinion. Watch $18,000 pull back (if we get one).
According to the chief analyst, a move above $21,500 would signal a new bull market for Bitcoin. to push The king cryptocurrency is at an all-time high in the coming months.
“And here we begin… [The] The next impulse has either begun or is imminent and BTC dominance is starting to climb out of teal territory as expected. We expect massive dominance as Bitcoin climbs to a new all-time high over the next six months or so.”
The cryptocurrency strategist also says that Bitcoin’s current market structure appears to be shining through the September 2020 positive vibes, when Bitcoin consolidated around $9,000 before crashing to $60,000.
“It happens. Over and over.”
It highlights that Bitcoin is in the midst of a long-term bull market and that the deep correction of the past year is part of a five-wave uptrend. The famous Elliott Wave practitioner believes that BTC is now about to start a fifth wave on its way to a new all-time high around $150,000.
“Who is ready for a fifth wave to all-time highs in 2023? BTC.”
Elliott Wave Theory is an advanced technical analysis approach that attempts to predict future price movement based on the psychology of the crowds that tend to appear in waves. The theory states that the bullish asset goes in a five-way high with the first, third and fifth waves characterized by strong highs.
At the time of writing, Bitcoin is trading hands at $20,740, which indicates over 623% upside potential for BTC if it hits the Credible target.
Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in bitcoin, cryptocurrency, or digital assets. Please be aware that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrency or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl engages in affiliate marketing.
Featured image: Shutterstock / Larich
“Reader. Infuriatingly humble coffee enthusiast. Future teen idol. Tv nerd. Explorer. Organizer. Twitter aficionado. Evil music fanatic.”