Bitcoin (BTC) could be on the verge of a breakout rally that could propel it to new all-time highs, according to a popular crypto strategist. In a recent video update, an analyst known as Credible suggests that Bitcoin may have just begun a five-wave rally that could push its price above $100,000.
Credible bases his analysis on the Elliott Wave theory, which suggests that a bullish asset often experiences a surge consisting of five waves, with waves one, three, and five being upward moves, and waves two and four serving as corrective periods.
The analyst believes that Bitcoin’s recent move from $60,000 to over $70,000 could be the first wave of the rally, with the subsequent correction down to $66,000 serving as the second wave correction.
Credible states that after the wave-two correction, a much larger wave three, four, and five typically follows. He suggests that if the first wave went from $60,000 to $70,000, the third wave is usually larger than that, and the fifth wave is equivalent.
Regardless of where the wave two correction ends, Credible expects Bitcoin to have at least $20,000 of further upside from that point. If the correction ends at $66,000, he predicts a minimum price target of $86,000 for the next completed impulse to the upside. However, he believes it is more likely to push into the $90,000s, and potentially reach the $100,000 level.
Credible also notes that this rally is expected to be a “much more sustainable and stronger uptrend” for Bitcoin.
As of the time of writing, Bitcoin is trading at $69,204, showing a slight increase in the past day.
Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research before making high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your transfers and trades are at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is it an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
