After the conclusion of Bitcoin’s (BTC) most recent correction, a prominent crypto analyst expects Bitcoin (BTC) to stage a massive rally.
Credible, a pseudonymous cryptocurrency strategist, told his 336,500 Twitter followers that he expected Bitcoin to retrace from $22,000 to around $19,000 before igniting a massive rally to his target of above $30,000. “Was anticipating a rejection from red and searching for a downgrade.”
Credible adheres to the Elliott Wave theory, a technical analysis method that attempts to predict future price action by observing crowd psychology, which tends to manifest in waves.
With Bitcoin currently trading at $19,824, BTC appears close to reaching Credible’s downside target for his wave two correction.
In a recent video, the crypto analyst stated that a pullback to roughly $19,000 is healthy for BTC because it enables Bitcoin to form a bullish higher low setup.
“It’s acceptable to retrace that far. Such a significant retracement maintains the bullish count. And after a retracement that deep and a higher low, if you manage to break above these highs and $22,000, it’s likely that this [correction] was wave two and we’re about to see a stronger wave to the upside. In that case, we are likely to surge above the red area and confirm once more, as I did in my previous video, that the bottom is likely in.
And we can expect this to grow into a larger, more impulsive structure. At this point, the reversal is well underway.”
On the basis of the graph provided by Credible, he anticipates that Bitcoin’s price will rise as high as $32,000 in the near future, representing an upside potential of over 61 percent compared to BTC’s current price.