Popular Crypto Analyst Projects Bitcoin (BTC) Rally Above $30,000
According to a popular crypto analyst, known as Credible Crypto, Bitcoin (BTC) is likely kick off an explosive rally after its latest correction comes to an end.
The analyst shared with his 336.5K Twitter followers that he expected Bitcoin to retrace from $22,000 to around $19,000 before sparking a huge rally to his target above $30,000.
$BTC chart from the video update I shared in the quoted tweet below 3 days ago. Was expecting a rejection from red and looking for a move down- we are about halfway to the ideal downside target in blue. Watch the vid if you haven't already for more details. https://t.co/dGDNtATsT3pic.twitter.com/gMgvbLDo9J
In his analysis, Credible Crypto uses the Elliott Wave theory, a technical analysis approach attempting to predict future price action by following crowd psychology that according to the theory manifests in waves.
At the time of writing Bitcoin currently changing hands for $19,435 – very close to the analyst’s bottom target.
Credible Crypto also noted in a recent video update that a pullback to around $19,000 is healthy for BTC as it enables Bitcoin to form a bullish higher low setup.
“A retracement that deep is okay. A retracement that deep keeps the bullish count intact. And after retracing that deep and putting in a higher low, if you manage to come back above these highs and break $22,000, it’s likely… that this [correction] was a wave two and we’re getting a stronger wave to the upside. In that case, we’re likely to rip past above the red region and confirm again as from my last video that our bottom is likely in.
And we’ll see that develop likely into a larger impulsive structure. And at that point, reversal is well underway.”
Source: Credible Crypto
Based on the above chart, the analyst sees Bitcoin rising as high as $32,000 in the short term.
