Crypto Analyst Predicts Parabolic Rise
A prominent crypto analyst, Credible, predicts a parabolic rally for Bitcoin (BTC), with the potential to reach a six-figure price tag. According to Credible, it’s time for altcoins to step aside and make way for the “king” of crypto.
Elliott Wave Theory Forecast
Credible uses the Elliott Wave theory, which suggests that bullish assets tend to complete five-wave rallies before consolidating. The analyst’s chart indicates that BTC could rally close to $105,000.
Short-Term Rally and Correction
Credible expects a short-lived rally to $70,000, fueled by leveraged traders. However, he cautions that a subsequent correction to around $63,000 may follow to flush out excessive leverage.
Open Interest Surge
The analyst notes that Bitcoin’s open interest (OI), which tracks outstanding derivatives contracts, is increasing. This suggests that the rally could be followed by a downside move.
Current Market Conditions
At the time of writing, Bitcoin is trading at $65,768, slightly down from the previous day.
