Credible Crypto Predicts The Timing For Bitcoin’s (BTC) Next Moves
Credible Crypto, a top crypto market analyst, looks into Bitcoin predicts the timing for the phases of the recovery.
The pseudonymous analyst known as Credible Crypto shared with his 283K Twitter followers that he believes Bitcoin (BTC) has hit a local bottom and is now ready to climb back to $55K level.
“There is the sweep of our lows I was looking for. Lows swept, Bitfinex bids at $45,000 hit. Now think we are clear for our relief to $55,000+.”
While the analyst is bullish on BTC in the long-term, he predicts Bitcoin to hit a lower high at $55,000 and then correct majorly to $30K-$42K level.
“Slight update to the idea below – think we will see some relief over the next week or two but then will have one more swing lower below $42,000 but above $30,000 to complete our flat structure.”
Slight update to the idea below- think we will see some relief over the next week or two but then will have one more swing lower below 42k but above 30k to complete our flat structure. Will discuss this in more depth in my next Youtube video (https://t.co/BDf2l6JcDr). $BTChttps://t.co/gKQHKEBYFLpic.twitter.com/3uQKqMu7n5
Credible Crypto relies on the Elliott Wave theory, which is a technical analysis method that predicts future price action by following crowd psychology that tends to manifest in five waves per cycle.
According to the analyst, Bitcoin is still in the midst of wave four, the corrective phase of a five-wave uptrend. According to Credible Crypto’s chart above a move below $40K would complete the Wave Four and put BTC in a position to ignite Wave Five, the last and strongest rise in the cycle – which in this case would take BTC above $100K by July 2022.
