Credible Crypto Lays Out A Well-Argued Bull Case For Bitcoin (BTC)
A leading crypto analyst, known as Credible Crypto, goes into detail to explain how Bitcoin could turn this year around regardless of the recent performance.
In a recent video update, the analyst shared with his 328.9K followers on Twitter that many Bitcoin traders and analysts expect BTC to continue correcting all the way down to $28K levels.
“The expectations for the sweep of these lows the same way that we swept these highs ($69,000) is a very logical one… And even if we were to make such a move, our structure remains intact. We still have a high, a low, a higher high, a higher low. I’d still expect continuation.”
While the analyst doesn’t completely rule out a move to $28,000, he believes that there is another, more probable scenario for Bitcoin.
“In strong uptrends, we tend to see higher lows formed, and we tend to not get these what would normally be very seemingly obvious sweeps of key levels during aggressive uptrends. Again, in 2017, examples of that are plenty.”
Credible Crypto explains that the lack of bullish momentum is providing a good setup for BTC for one last push (5th wave) above $100K.
“I’m expecting $100,000 for the fifth wave, and when it does complete, wherever that may be above $100,00… I think we’ll probably fall somewhere between $100,000 and $200,000 realistically…
But the point being is that these lows that are built up, we don’t need to take them now. We could very well continue up for the fifth wave.”
The 5th wave that the analyst mentions, follows Elliott Wave theory, a technical analysis approach that predicts future price action by following crowd psychology. It usually happens in five waves, where the last one is a strong rally.
Regarding how Bitcoin can regain its bullish momentum, the analyst notes that the same traders that are expecting BTC to fall to $28K will in fact feed into the rally to $100,000 once they realize it may not dip to where they want, and will take a position.
“The way that we get these crazy insane rallies that extend longer than one would expect is when people have to chase price to the upside because they’re not getting the ideal entries that they want… Oftentimes, the way that we get these parabolic advances and aggressive runs is because people that are waiting on the sidelines for this type of a move (drop to $28K) end up not getting it.
By the time we’re breaking out, now they’re forced to buy higher, and that sort of aggressive buying, chasing price is what leads to those irrational runs to the upside.”
