Stronger and More Sustainable Uptrend Now in Play for Bitcoin (BTC), Says Crypto Analyst – Here’s His Outlook

A widely followed crypto strategist thinks that Bitcoin (BTC) is in a position to ignite a breakout rally on the way to fresh all-time highs over the next few days.

In a new video update, pseudonymous analyst Credible tells his 53,200 YouTube subscribers that Bitcoin may have just started a five-wave rally that could send BTC above $100,000.

Credible relies on the Elliott Wave theory, which states that a bullish asset often witnesses a five-wave surge where waves one, three and five are upside moves and waves two and four are corrective periods.

According to the analyst, Bitcoin’s recent move from $60,000 to above $70,000 may have been the first wave of the rally with the correction down to $66,000 serving as the wave-two correction.

“Now that we can confirm that this first leg is done, what we’re seeing now is the wave-two correction. What follows the wave-two correction, regardless of how deep it goes, is a much larger wave three, four and a five. 

If our first wave up went from $60,000 to $70,000, that’s a $10,000 move, the third [wave] is typically larger than that and the fifth is equivalent…

Bottom line though is wherever this wave two ends, we can expect at least $20,000 of further upside from wherever this correction ends. If this correction ends at $66,000, then we’re looking at a minimum of $86,000 for this next completed impulse to the upside.

More likely that’s going to push into the $90,000s, potentially the $100,000 level.”

Credible also believes that the rally will be a “much more sustainable and stronger uptrend” for BTC.

At time of writing, Bitcoin is trading for $69,204, a fractional increase in the past day.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3

The post Stronger and More Sustainable Uptrend Now in Play for Bitcoin (BTC), Says Crypto Analyst – Here’s His Outlook appeared first on The Daily Hodl.