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Experienced cryptocurrency analyst Credible Crypto predicts that Bitcoin (BTC) could potentially reach a six-figure price in the coming months. The analyst points to a range between $100,000 and $300,000, while warning that such a rise could be followed by a significant crash.
Optimal Price Target Given: $150,000
Speaking to his YouTube subscribers, Credible Crypto shared his latest market observations, stating that Bitcoin’s cycle peak could be 55% to 365% higher than its current level. This could place Bitcoin’s price between $100,000 and $300,000. The analyst, while providing a broad range, pointed to the $150,000 level.
Credible Crypto emphasized that as price action develops, he will provide more information to help determine where this cycle’s peak might be. Understanding these signals could help investors navigate the highly volatile cryptocurrency market more effectively. The broad range provided is part of the inherent unpredictability in forecasting sharp price movements in the cryptocurrency market.
Warned of Major Crash
The analyst also warned of a significant crash following the peak. He suggested that after reaching the cycle’s peak, Bitcoin could fall to levels last seen in October 2020. Such a correction could result in a drop below $30,000, pushing the price down to a range between $10,000 and $14,000. This potential decline highlights the volatility and risk associated with Bitcoin investments.
Credible Crypto is known for frequently using the Elliott Wave theory in his technical analyses. For those unfamiliar, this theory argues that an asset’s price moves in a five-wave pattern during the main trend, followed by a three-wave pattern during corrections. According to this theory, the current cycle’s peak will coincide with the completion of the final wave in the five-wave formation that began around 2014. This completion marks a significant milestone and potential turning point for the price trajectory of the largest cryptocurrency.
The analyst’s prediction came when Bitcoin was trading at $64,490. This current price level provides context for understanding the potential gains and losses outlined in the analyst’s analysis.
