Cryptocurrency investors closely follow popular analysts, and one of them made significant evaluations. Analysts cannot predict future news, so they share their opinions on social media. However, predictions from those who have correctly anticipated major moves in the past can offer insights into the future.
Cryptocurrency Expert
One of the closely followed popular crypto analysts, Credible, made important statements in his latest market update. The analyst, who previously correctly predicted some major price movements, had his latest comments eagerly awaited by investors. Credible believes that Bitcoin might have initiated a five-wave movement towards $100,000.
He refers to the Elliott Wave Theory, which forms peaks in the first, third, and fifth waves. The second and fourth waves are corrective periods. Indeed, if you recall, during the first quarter of this year, we saw how well these structures worked as altcoins experienced steady rises.
Bitcoin Expert Commentary
Credible highlights the recent rise of the leading cryptocurrency from $60,000, stating that we are experiencing the first wave of the rally. The recent correction to $66,000 was the second wave, or the correction phase. Now, the price has climbed back from $66,000 to over $69,000, aiming for new peaks.
Cryptocurrency analyst Credible said:
“Now that we can confirm this first leg is complete, what we are seeing now is the second wave correction. The wave following the second wave correction, no matter how deep, will form much larger third, fourth, and fifth waves. If our first wave went from $60,000 to $70,000, that is a $10,000 move, the third wave is typically larger, and the fifth wave is equivalent…
As a result, wherever this second wave ends, we can expect an upward move of at least $20,000 from the end of this correction. If this correction ends at $66,000, then we are looking at a minimum of $86,000 for the next completed impulse upwards.
More likely, this will rise to the $90,000s, potentially reaching the $100,000 level.”
