With Bitcoin breaking past $20,000, a popular crypto strategist known as Credible is predicting a parabolic rally for the cryptocurrency this year. In a recent tweet to his 335,700 followers on Twitter, Credible stated that he believes the floor for Bitcoin in this bear market is now officially in. He pointed out that Bitcoin has breached $21,500 on futures exchanges and is close to hitting that mark on spot exchanges as well. He also mentioned that a pullback to the $18,000s may be possible before Bitcoin continues its upward trajectory.
Credible emphasized that a move above $21,500 would signal the beginning of a fresh bull market for Bitcoin, potentially leading to a new all-time high in the coming months. He mentioned that Bitcoin’s current market structure reminds him of September 2020 when Bitcoin consolidated around $9,000 before skyrocketing to $60,000. Credible believes that history may be repeating itself as he sees similarities in Bitcoin’s current market behavior.
The crypto strategist also discussed Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price action based on crowd psychology manifesting in waves. Credible believes that Bitcoin is currently in a long-term bull market and that last year’s deep correction was part of a five-wave uptrend. He is optimistic about Bitcoin’s future performance and estimates that it is on the verge of starting its fifth wave rally towards a new all-time high that could reach around $150,000 by 2023.
At the time of writing, Bitcoin is trading at $20,740, indicating a potential upside of more than 623% if it reaches Credible’s target. The analyst is confident in Bitcoin’s ability to surge in the coming months and is anticipating a mega run in dominance as Bitcoin rallies to new peaks. His positive outlook on Bitcoin’s future performance has garnered attention from the crypto community, with many investors eagerly awaiting the cryptocurrency’s next move in the market. It remains to be seen whether Bitcoin will indeed follow the predicted trajectory and achieve new record highs in the near future.
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