Crypto analyst Credible believes Bitcoin (BTC) is on the cusp of a breakout rally that could push it to new all-time highs.
Elliott Wave Theory Analysis
Credible uses Elliott Wave theory, which suggests that bullish assets often experience five-wave rallies. He believes Bitcoin has just completed the first wave, which saw it rise from $60,000 to $70,000.
Wave Two Correction
The current dip to $66,000 is likely the wave-two correction. According to Credible, this correction will be followed by a larger wave three, four, and five.
Upside Potential
Credible predicts that the rally will be “much more sustainable and stronger” than previous uptrends. He estimates that Bitcoin could surge by at least $20,000, potentially reaching $86,000 or even $100,000.
Current Price
At the time of writing, Bitcoin is trading at $69,204, slightly up from the previous day.
