Credible Crypto, a prominent cryptocurrency analyst, suggests that Bitcoin (BTC) could be on the verge of sparking a steep rally that could push it to its all-time high by the end of the year. The analyst claims that Bitcoin is currently in the middle of the third major wave, which typically prepares an asset for a parabolic upward movement.
Usually, the third wave is the strongest wave. When we break out of this structure, we can expect a rapid increase. I previously mentioned monthly candles of $10,000, and what I expect to see when we break out of this consolidation is exactly that.
Credible Crypto is an advanced technical analysis practitioner who follows the Elliott Wave theory, an advanced technical analysis approach that predicts future price movements by tracking waves that tend to follow each other and the psychology of crowds. The analyst’s rally prediction for Bitcoin is based on this theory. According to the theory, a rising asset goes through a five-wave rally with rapid price movements in the first, third, and fifth waves. The theory suggests that each major wave consists of smaller five-wave movements known as subwaves.
According to the Theory, the Initial Target is $42,000
The analyst added that Bitcoin is likely on the verge of igniting the third subwave of the third major wave, which is typically the period with the strongest gains for an upward asset. “My expectation is that we will see $42,000 in the next upward movement,” the analyst said.
Looking at the price chart shared by Credible Crypto, it can be seen that BTC is expected to reach above $58,000 by October to complete the fourth major wave, which will be followed by a pullback to $49,000. The chart also indicates that the largest cryptocurrency will experience a rise to $75,000 by November to complete the five-wave upward trend.
