A widely followed crypto analyst says that Bitcoin (BTC) is on the verge of igniting steep rallies that could send the flagship digital asset to a new all-time high before the year expires.
In a new video, pseudonymous analyst Credible Crypto tells his 343,200 Twitter followers that Bitcoin is currently witnessing a five-wave uptrend.
Specifically, the analyst says that BTC is already in the midst of its major wave three, which typically sets up an asset for a parabolic move to the upside.
“Generally, the third wave is the strongest. You’re expected to see rapid expansion once we break out of this structure here…
I’ve talked about $10,000 monthly candles and that’s exactly what I expect to be seeing once we break out of this consolidation.”
Credible Crypto 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 which tends to manifest in waves.
According to the theory, a bullish asset goes through a five-wave rally where waves one, three and five are periods of rapid price acceleration. The theory also says that each major wave is made up of smaller five-wave moves known as sub-waves.
Credible Crypto says that Bitcoin is likely on the cusp of igniting the third sub-wave of its major wave three, a period that often prints the strongest gains for a bullish asset.
“You’re going to start looking at $42,000 plus on this next move to the upside is what I’m expecting.”
Looking at Credible Crypto’s chart, it appears that he believes Bitcoin’s major wave three can push BTC above $58,000 by October before pulling back to $49,000 to complete its major wave four. The chart also shows BTC rallying to as high as $75,000 by November to conclude its five-wave uptrend.
At time of writing, Bitcoin is worth $29,345.
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