A popular crypto strategist predicts a parabolic rally for Bitcoin this year now that BTC has broken the key psychological resistance at $20,000.
The pseudonymous analyst Credible tells his 335,700 Twitter followers that he believes this bear market for Bitcoin is “officially” over.
“21,500 dollars were violated in the futures exchanges. Spot trades only reached $21,500, but I’ve seen what it takes. It is connected. [The] the bottom is officially in, in my opinion. Watch $18,000 for a recall (if we get one).
According to a leading analyst, a move above $21,500 would signal a fresh bull market for BTC that could: to push royal crypto has reached an all-time high in the coming months.
“And here we go… [The] the next impulse has either started or is about to and BTC dominance is starting to bounce off the tea area as expected. Expect dominance as BTC reaches new all-time highs over the next six months.”
The crypto strategist also says that Bitcoin’s current market structure appears to be fueled by the vibrations of September 2020, when Bitcoin consolidated around $9,000 before exploding to $60,000.
“It’s happening. Again.”
A reliable underline is that Bitcoin is in 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 on the verge of starting its fifth wave rally, heading for a new all-time high near $150,000.
“Who’s ready for wave five in 2023, new all-time highs? BTC”.
Elliott wave theory is an advanced technical analysis approach that attempts to predict future price action based on crowd psychology, which tends to manifest itself in waves. The theory states that a bullish asset is headed for a five-wave rally, where waves one, three, and five are marked by strong waves.
At the time of writing, Bitcoin is changing hands at $20,740, implying a potential upside of over 623% BTC if it hits Credible’s target.
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