A closely watched crypto analyst reveals a scenario that would devastate those who hopped late on the Bitcoin (BTC) train.
Pseudonymous trader Credible Crypto tells his 360,900 followers on the social media platform
The analyst predicts that those late to the Bitcoin bull market are in for a big surprise as he expects BTC to witness a multi-year downtrend.
“Max Pain is a new all-time high before the halving while everyone is fading BTC at $40,000-$50,000 and then a huge dump into a mega bear over five years after the halving when everyone is buying the dip thinking we have another one to two years have to do in this ‘new ‘bull cycle’.”
Credible crypto highlights that Bitcoin and crypto have been in a macro uptrend since their inception and that a multi-year bear market will be good for the long-term health of the market.
“It’s not negative; it’s just realistic in my opinion.
Crypto has never had a secular bear market and every market has one. Nothing just goes up forever. This would be similar to the dot-com bust of the early 2000s, which preceded what has been a secular bull market for technology stocks for decades.
I actually expect the same for crypto – a secular bear that will wipe out all the junk and then the next decades-long bull run that will establish the Googles, Apple and Amazons of the crypto space.”
The analyst shares a chart showing Bitcoin rising as high as $180,000 before ‘The Real Bear Market’ begins.
“The best (and worst) is yet to come…”
Credible Crypto’s prediction appears to be based on Elliott Wave theory, a 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 witnesses a five-wave uptrend.
Looking at the trader’s chart, he seems to suggest that Bitcoin will rise five to its $180,000 target during its big wave before going through an extended bear market.
At the time of writing, Bitcoin is trading at $43,041.
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Generated image: DALLE3