Last week was catastrophic for Bitcoin as it lost its support at $30,000, while Bitcoin (BTC) price continued to consolidate around $29,000 to $29,500 on Monday. This has left many crypto traders worried due to the short-term price fluctuations in the Bitcoin market.
Bitcoin’s Massive Bull Rally is On the Horizon?
But one such analyst is optimistic about Bitcoin (BTC) as he predicts the cryptocurrency is gearing up for an impressive bull run that could propel it to an all-time high before the year’s end.
In a recent video shared with his substantial Twitter following of 343,200, Credible Crypto identifies Bitcoin’s current trend as a five-wave uptrend, according to the principles of Elliott Wave theory, a technical analysis approach rooted in crowd psychology and wave patterns.
His take is on the third wave, he specifically points out that BTC is currently in the midst of its major third wave, which is typically the strongest and sets the stage for a parabolic surge to the upside. He sees a major bull run once the crypto breaks out of its current consolidation phase, expressing confidence in the potential for “monthly candles” around $10,000 once the breakout occurs.
BTC to Hit Its ATH in November?
Meanwhile, Elliott Wave theory suggests that rising prices occur in a five-wave pattern during a bullish rally, with waves one, three, and five characterized by more rapid increases in value. Furthermore, each major wave is further broken down into smaller movements (sub-waves) of five waves.
“Generally, the third wave is the strongest”
He placed his initial wager in stage three, and further analysis of his theory led him to conclude that Bitcoin is entering the most powerful third sub-wave of its third major wave. From here onwards, he forecasts that the next upswing might drive Bitcoin’s price to $42,000.
However, looking at the graph, it’s clear that Credible Crypto expects Bitcoin’s major wave three to push the price above $58,000 by the end of October. A retracement to $49,000 after this rise would finish the fourth big wave. Then, he believes BTC will continue to rise until it reaches $75,000 in November, marking the end of a five-wave advance.
As of the time of writing, Bitcoin is trading at $29,345. With Credible Crypto’s bullish outlook and the cryptocurrency’s history of significant price movements, the crypto community eagerly awaits to see if BTC can fulfil these ambitious targets and potentially reach new record highs.
