According to a well-known cryptocurrency analyst, Bitcoin (BTC) is about to start sharp rallies that might push the leading digital asset to a new all-time high before the year ends.
Credible Crypto, a pseudonymous analyst, informs his 343,200 Twitter followers that Bitcoin is experiencing a five-wave rise in a new video.
The expert claims that BTC is currently in the middle of its third primary wave, which generally positions an asset for an upward parabolic advance.
Also, add, “Generally, the third wave is the strongest. You’re expected to see rapid expansion once we break out of this structure here…
I’ve talked about $10,000 monthly candles and that’s exactly what I expect to see once we break out of this consolidation.”
Credible Crypto is a well-known proponent of the Elliott Wave theory, a sophisticated technical analysis method that seeks to forecast future price movement by observing crowd psychology, which frequently takes the form of waves.
The idea states that a bullish asset experiences a five-wave rally, with waves one, three, and five representing periods of solid price acceleration. According to the concept, each primary wave comprises numerous smaller sub-waves and five-wave motions.
Credible Crypto says that Bitcoin is entering the third part of a significant upswing, often leading to the highest profits for positive investment.
“You’re going to start looking at $42,000 plus on this next move to the upside is what I’m expecting.”
Looking at Credible Crypto’s chart, he thinks that Bitcoin’s significant wave three will take it beyond $58,000 by the end of October before retracing to $49,000 to finish its significant wave four. On the chart, BTC is also gaining momentum and climbing as high as $75,000 by November to end its five-wave uptrend.
