Market Analyst Credible Crypto Targets Bitcoin At $130,000

According to a leading crypto analyst and trader, known as Credible Crypto, Bitcoin (BTC) is preparing for a huge rally that is likely to see BTC at $130,000 around July this year.

Credible Crypto shared with his 319.7K followers on Twitter that Bitcoin has likely entered the fifth wave of its Elliott wave bull cycle, and projects the top around $130,000.

“In all seriousness, the 5th should be similar to the 1st and 3rd in that once we get going pullbacks will be shallow and it will essentially be ‘up only’ for a number of months. Not really a new paradigm, just the result of expansion after a year-long consolidation period. BTC.”

In all seriousness, the 5th should be similar to the 1st and 3rd in that once we get going pullbacks will be shallow and it will essentially be "up only" for a number of months. Not really a new paradigm, just the result of expansion after a year long consolidation period. $BTC https://t.co/Ge6DzsTYiP pic.twitter.com/ankkgJ5LTU

— CrediBULL Crypto (@CredibleCrypto) March 28, 2022

Elliott wave theory, is a form of technical analysis used to analyze financial market cycles and forecast market trends by identifying extremes in investor psychology and price levels, such as highs and lows, by looking for patterns in prices. According to the theory a bull market cycle comes in five waves, where waves one, three and five are the strongest uptrends.

To a comment that questions the rapid price rise of Bitcoin, the analyst responds that based on BTC’s moves during last cycle in 2017, it’s very likely to happen.

“Actually, that’s exactly what happened during the final leg of our last cycle in 2017. After BTC broke ATH, completed a running flat correction (just like now), it went on go 3x while ETH literally went fully sideways for about two months before following.”

Actually, that's exactly what happened during the final leg of our last cycle in 2017. After $BTC broke ATH, completed a running flat correction (just like now), it went on go 3x while $ETH literally went fully sideways for about two months before following. https://t.co/uD5ExfDsBv pic.twitter.com/rKzA7T8UTO

— CrediBULL Crypto (@CredibleCrypto) March 30, 2022

At the time of writing, BTC is trading at $47,216, up 10% on the weekly chart.