A popular crypto strategist says a massive Bitcoin (BTC) rally to a new all-time high is already underway.
Pseudonymous analyst Credible tells his 338,900 Twitter followers that he believes Bitcoin is in the early stages of a major bull run after a long bottoming phase over the past year.
According to Credible, Bitcoin’s price action between June and December 2022 is the longest consolidation period for BTC in the last four years.
“The expansion has started. This time after a period of consolidation that was ~30% longer than our last major rallies in 2019 and 2020. If you thought these rallies were strong, wait until you see this next one.”
Source: Credible/Twitter
Believable before called that the period of consolidation with relatively low volatility is necessary to build a stable base for the BTC rally to follow.
“It’s meant to be boring — it’s part of the process. The more boring it gets, the better it is for the upcoming expansion.”
With the bottoming process now complete, Credible believes Bitcoin is already in the midst of a major fifth wave surge.
“Now that our fourth wave is complete I have updated the chart with the completed time for our fourth wave. We can see once again that the invalidation ($14,000) was never hit and our big fifth appears to have begun.”
Source: Credible/Twitter
Credible is a popular practitioner of Elliott Wave Theory, an advanced technical analysis approach that attempts to predict future price action by following crowd psychology, which tends to manifest itself in waves.
According to the theory, a bullish asset goes through a five-wave uptrend, with waves one, three, and five being periods of rising prices.
Looking at Credible’s chart, he appears to be predicting a massive Bitcoin rally towards the $130,000 price level before this year ends.
At the time of writing, Bitcoin is trading at $28,181.
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