Analyst Unveils ‘Max Pain’ Scenario for Bitcoin, Says Crypto Never Witnessed Secular Bear Market
A closely followed crypto analyst is unveiling a scenario that would devastate those who hopped on late on the Bitcoin (BTC) bandwagon.
Pseudonymous trader Credible Crypto tells his 360,900 followers on the social media platform X that Bitcoin will likely leave most retail traders on the sidelines and rally just high enough to entice them to come in.
The analyst predicts that those who are late to the Bitcoin bull market will be in for a big surprise as he expects BTC to witness a multi-year downtrend.
“Max pain is new all-time highs pre-halving while everyone fades BTC at $40,000-$50,000 and then massive dump into five+ year mega bear post-halving when everyone buys the dip thinking we have another one to two years left in this ‘new bull cycle’.”
Credible Crypto highlights that Bitcoin and crypto have been in a macro uptrend since inception and that a multi-year bear market will be good for the long-term health of the market.
“It’s not negative – it’s just realistic in my opinion.
Crypto has never had a secular bear market and every market has one. Nothing goes up only forever. This would be akin to the dot-com bust of the early 2000s that preceded what has been essentially a multi-decade secular bull for tech stocks.
I am basically expecting the same for crypto – a secular bear to wipe out all the junk and then the next multi-decade bull run in which the Googles, Apple and Amazons of the crypto space will be established.”
The analyst shares a chart showing Bitcoin rallying to as high as $180,000 before starting “The Real Bear Market.”
“The best (and worst) is yet to come…”
Source: Credible Crypto/X
Credible Crypto’s prediction appears to be based on the Elliott Wave theory, a technical analysis approach that tries to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset witnesses a five-wave uptrend.
Looking at the trader’s chart, he seems to suggest that Bitcoin, during its major wave five, will rally to his $180,000 target before going through an extended bear market.
At time of writing, Bitcoin is trading for $43,041.
Generated Image: DALLE3
The post Analyst Unveils ‘Max Pain’ Scenario for Bitcoin, Says Crypto Never Witnessed Secular Bear Market appeared first on Crypto News Australia.
Filed under: Bitcoin - @ December 19, 2023 8:42 pm