Bitcoin is set to make a run for all-time highs much sooner than expected, according to a popular analyst known as Credible Crypto. The analyst believes that Bitcoin will break the six-figure mark before the end of the year, in contrast to the majority of market participants who expect a lengthy period of consolidation before the next bull run.
Credible Crypto uses Elliot Wave theory, which depicts price movement in a series of waves based on crowd psychology. According to the analyst, BTC is in the midst of its fifth and final wave, which is a price impulse to the upside that happens in five main waves. He believes that the price of BTC is set to front-run the halving cycle, which is slated for April of next year and has historically coincided with BTC market cycles.
The analyst points out that the collapse from 30k was triggered by an unprecedented wave of black swan events that caused mass liquidations and panic selling. He seriously doubts that once BTC reclaims these levels, it will just hang around and let everyone who panic sold comfortably take their time and reload for the ride to 70k+. He believes that's not how these things work and that there is still plenty of opportunity for those who have been watching from the sidelines.
At the time of writing, BTC is trading at $30,214, up 8% in the last week. Credible Crypto's timeline is a bullish outlook for Bitcoin, and if his predictions are correct, we could see Bitcoin breaking all-time highs much sooner than expected. However, it's important to note that cryptocurrency markets are highly volatile, and price movements can be unpredictable. It's always advisable to do your own research and consider multiple sources before making any investment decisions.
inputs from// https://dailyhodl.com
