An analyst who is known for making timely Bitcoin calls believes that BTC needs a last leg before a new parabolic increase is caused.
In a strategy session, pseudonymous analyst credible crypto tells His 67,800 YouTube subscribers that Bitcoin seems to be in the middle of a corrective wave within a five-golf rally.
Credible practices The Elliott Wave Theory, who states that a bullish asset tends to see an increase of five golf where waves are two and four corrective periods and waves one, three and five are upward movements.
According to the Crypto strategist, it is within the empire of the possibility for Bitcoin to come back to less than $ 80,000 before it leads a violent eruption at the front.
“The important pick-up meal of this graph is that this sub-golf two that we have depicted here can go technically in the $ 70,000 or even $ 80,000 without it affecting this higher time frame structure.
As long as you do not go under the origin of this impulse that is $ 58,000 here, we can return technically deeper in this region without harming the higher time frame structure …
The other important collection meals here is that the movements to the advantage if we go here should become even more aggressive than the move from $ 58,000 to $ 90,000, because this is essentially the parabolic blow-off top. The last fifth wave of the fifth wave of the cycle that started when Bitcoin was traded in 2018 at $ 3,000 …
This step should be the most aggressive move that we have seen in this cycle. “
Looking at the trader’s graph, he seems to suggest that Bitcoin will gather up to at least $ 150,000 as the “minimum end of cycle goal”, but BTC can go up to $ 230,000.
At the time of writing, Bitcoin acts for $ 97,987.
https://www.youtube.com/watch?v=SurrrrrrlXPC
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Generated image: midjourney