A widely followed crypto strategist thinks that Bitcoin (BTC) is in a position to ignite a breakout rally on the way to fresh all-time highs over the next few days.

In a new video update, pseudonymous analyst Credible tells his 53,200 YouTube subscribers that Bitcoin may have just started a five-wave rally that could send BTC above $100,000.

Credible relies on the Elliott Wave theory, which states that a bullish asset often witnesses a five-wave surge where waves one, three and five are upside moves and waves two and four are corrective periods.

According to the analyst, Bitcoin’s recent move from $60,000 to above $70,000 may have been the first wave of the rally with the correction down to $66,000 serving as the wave-two correction.

“Now that we can confirm that this first leg is done, what we’re seeing now is the wave-two correction. What follows the wave-two correction, regardless of how deep it goes, is a much larger wave three, four and a five.

If our first wave up went from $60,000 to $70,000, that’s a $10,000 move, the third [wave] is typically larger than that and the fifth is equivalent…

Bottom line though is wherever this wave two ends, we can expect at least $20,000 of further upside from wherever this correction ends. If this correction ends at $66,000, then we’re looking at a minimum of $86,000 for this next completed impulse to the upside.

More likely that’s going to push into the $90,000s, potentially the $100,000 level.”

Source: Credible/YouTube

Credible also believes that the rally will be a “much more sustainable and stronger uptrend” for BTC.

At time of writing, Bitcoin is trading for $69,204, a fractional increase in the past day.

Generated Image: DALLE3

The post Stronger and More Sustainable Uptrend Now in Play for Bitcoin (BTC), Says Crypto Analyst – Here’s His Outlook appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ May 26, 2024 11:26 am