Top Analyst Credible Crypto Projects Bitcoin All-Time High In Coming Months
According to a leading crypto analyst, known as Credible Crypto, Bitcoin (BTC) is getting ready to break a new all-time high, regardless of the bearish market sentiment.
The analyst shared with his 333,100 Twitter followers that Bitcoin has been in a macro bull market over the last decade or so with the 2014 and 2018 bear markets serving as corrective periods.
“After the tops in 13/17, we had major bear markets in which it took three years to get back to highs. Current corrections are of a smaller degree, and this will be proven if/when we break to new all-time highs in some months.”
This is what I was referring to in the tweet below. After the tops in 13/17 we had major bear markets in which it took 3 years to get back to highs. Current corrections are of a smaller degree and this will be proven if/when we break to new ATH in some months. $BTChttps://t.co/c7CTSdvWOdpic.twitter.com/L9oVUb3AjG
Credible Crypto relies in his analysis on Elliott Wave theory, a technical analysis approach that aims to forecast future price action by following crowd psychology, manifesting in waves. According to the theory, a bullish market cycle goes through five impulse waves with the asset correcting during waves two and four while rallying in the course of waves one, three and five. The theory also considers that every major wave consists of five smaller subwaves.
In the chart above, the analyst is believes that BTC is currently in the middle of the major fifth wave, which started in early 2019. Coincidentally, the leading digital asset is now also in the fifth subwave that could push it to a new all-time high past $100,000 level.
However, the analyst notes that some might see his bullish stance as controversial, since Bitcoin is only two years away from the next halving.
“A controversial take I know, but Bitcoin halvings more priced in than people think in my opinion. Most not expecting new all-time high until after next halving in 2024. I’m expecting one before.”
A controversial take I know, but Bitcoin halvings more priced in than people think imo. Most not expecting new ATH until after next halving in 2024, I’m expecting one before. $BTChttps://t.co/hK34bgsBSm
