Analyst Predicts Meteoric Rally For Bitcoin This Year, Says BTC Expansion Has Begun Here’s His Goal

[ad_1]

A widely followed crypto strategist claims that a massive Bitcoin (BTC) rally to a new all-time high is already underway.

Pseudonymous analyst Credible tells his 338,900 Twitter followers that he thinks Bitcoin is in the early stages of a big bull run after a long period of lows last year.

According to Credible, Bitcoin price action between June and December 2022 is the longest period of consolidation for BTC in the past four years.

The expansion has begun. This time after a period of consolidation that has been around 30% longer than our last major rallies in 2019 and 2020. If you thought those rallies were strong, wait until you see this one.

Source: Credible/Twitter

Credible has previously stated that the period of relatively low volatility consolidation is needed to build a stable base for the ensuing BTC rally.

It’s supposed to be boring, its part of the process. The more boring it gets, the better for the upcoming expansion.

With the bottoming process now complete, Credible believes that Bitcoin is already in the middle of a major fifth wave.

Now that our fourth wave is over, I’ve updated the chart with the elapsed time for our fourth wave. We can see that once again the invalidation ($14,000) was never hit and our major straight seems to have begun.

Source: Credible/Twitter

Credible is a popular practitioner of the Elliott Wave Theory, an advanced technical analysis approach that attempts to predict future price action by following crowd psychology which tends to come in waves.

According to the theory, a bullish asset goes through a five-wave uptrend where waves one, three, and five are periods of rising prices.

Looking at the Credibles chart, it seems to predict a massive rally for Bitcoin towards the $130,000 price level before the end of this year.

At the time of writing, Bitcoin is trading for $28,181.

Don’t miss a beat Subscribe to receive crypto email alerts straight to your inbox Check price action Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix Check the latest headlines Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Featured image: Shutterstock/Antonio Ognibene/Sensvector

[ad_2]