A trader who continues to build a following with his timely Bitcoin (BTC) calls of late believes the crypto king is preparing for a parabolic rise.
The pseudonymous analyst Credible Crypto tells his 349,100 followers on the social media platform
The crypto strategist shares a chart that suggests BTC will initially rise to around $39,000 to end its large third wave rise before consolidating and rising above $48,000 in the first two weeks of November. Dollar rises.
“The current consolidation structure is forming a series of lower highs and higher lows – a triangle structure only found in the 4th wave in an impulsive move.” This adds even more credibility to our count from below and also gives us a clear invalidation point (33,400 $). If this is true, our local bottom has been reached and we are about to start the fifth (red) subwave shown in the “map” below.”
Source: Credible Crypto/X
Credible Crypto practices Elliott Wave Theory, an advanced technical analysis approach that attempts to predict future price movements by following crowd psychology, which tends to manifest itself in waves. According to the theory, a bullish asset goes through five main waves, with each wave having its own five sub-waves.
With Bitcoin trading at $34,319 at the time of writing, Credible Crypto’s chart suggests that BTC has broken out of its bullish pennant pattern and is now heading towards around $39,000 for the fifth subwave of the third wave.
Also the crypto strategist Remarks that Bitcoin has been performing better than tech stocks lately and says BTC is poised for a big bullish push.
“Tech stocks look like hot garbage here, while BTC has just broken out of a multi-month consolidation structure and is heading for a parabola. Before “moo decoupling” is all over crypto Twitter.”
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