A trader who continues to build a following with his timely Bitcoin (BTC) calls lately thinks the crypto king is gearing up for a parabolic wave.
Pseudonymous analyst Credible Crypto tells his 349,100 followers on social media platform
The crypto strategist shares a chart suggesting that BTC will first rise to around $39,000 to end the big third wave surge before consolidating and rising above $48,000 in the first two weeks of November.
“The current consolidation structure forms a series of lower highs and higher lows – a triangle structure that, in an impulsive move, is only found in the fourth wave. This adds even more credibility to our count from the bottom and also gives us a clear invalidation point ($33,400). If this is correct, our local bottom has been reached and we are about to enter the fifth (red) subwave, depicted on the ‘map’ below.”
Credible Crypto practices the Elliott Wave Theory, an advanced technical analysis approach that attempts to predict future price action by monitoring the psychology of the crowd that often manifests itself in waves. According to the theory, a bullish asset goes through five major 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 sub-wave five of wave three.
The crypto strategist too notes that Bitcoin has been outperforming tech stocks lately and says BTC looks poised for a big upside burst.
“Tech stocks look like hot garbage here, while BTC just broke out of a multi-month consolidation structure and is looking for a parabolic price. Before ‘muh uncoupling’ is all over crypto Twitter.”
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Generated image: Midjourney