A popular crypto strategist and trader says that Bitcoin (BTC) is gearing up for a rampaging bull market next year.
Pseudonymous crypto strategist Credible tells his 338,500 Twitter followers that Bitcoin is about to conclude a major corrective period and that it looks poised to ignite a parabolic rally to the six-digit level.
“While we have gone lower than expected in terms of price, macro invalidation hasn’t been hit ($14,000) and time-wise we are still right on track for our fifth wave, despite what it may seem. Time-wise, wave four correction is proportional to third wave, just as wave two was to first wave.”
Credible is a popular practitioner of the Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a major uptrend goes through five distinct waves where waves one, three and five are upswings while the other two are corrective periods.
Looking at Credible’s chart, the analyst appears to be predicting that Bitcoin will begin its steep rally next month. According to Credible, he expects Bitcoin to skyrocket to around $150,000 next year.
Credible also says that the current sentiment is reminiscent of how traders and investors felt during the Covid-19 pandemic.
“Heard almost exactly the same during the Covid crash in March . We went 20x soon after.”
In the short term, the crypto strategist sees Bitcoin rallying above $22,000.
“More chop, more sweeps of our local lows, liquidity continues to build to the upside and inefficiency still looms. Most logical move is still up in my opinion. Maybe we take June lows first, maybe we don’t- regardless we are going to rip up to fill this void sooner or later.”
At time of writing, Bitcoin is changing hands for $19,107, flat on the day.
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