A closely followed crypto strategist and trader predicts a strong Bitcoin bounce — but warns it won‘t occur in a straight line. Crypto analyst Credible tells his 282,400 Twitter followers that Bitcoin (BTC) has carved a local bottom.
“There is the sweep of our lows I was looking for. Lows swept, Bitfinex bids at $45,000 hit. Now think we are clear for our relief to $55,000+.”
Credible is bullish on Bitcoin long-term, but he believes BTC prints a lower high at $55,000 before another significant correction.
“Slight update to the idea below – think we will see some relief over the next week or two but then will have one more swing lower below $42,000 but above $30,000 to complete our flat structure.”
The crypto analyst is using the Elliott Wave theory, a technical analysis approach that predicts future price action by following crowd psychology that tends to manifest in waves. According to Credible, Bitcoin is still in the midst of wave four, the corrective phase of a five-wave uptrend. The crypto trader says that a move below $40,000 will complete the fourth wave and put BTC in a position to ignite the fifth and final wave en route to above $100,000 by July 2022.
Featured Image: Shutterstock/Liu zishan
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