Bitcoin

Bitcoin Primed for a Strong Rally to $55,000, According to Top Crypto Analyst – But There’s a Catch

A carefully adopted crypto strategist and dealer is predicting a robust Bitcoin bounce – however warns that the restoration received’t occur in a straight line.

Pseudonymous crypto analyst Credible tells his 282,400 Twitter followers that he believes Bitcoin (BTC) has carved a native backside and is now poised to ignite a reduction rally.

“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+.”

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Source: Credible/Twitter

Although Credible is long-term bullish on Bitcoin, he sees BTC printing a decrease excessive at $55,000 earlier than one other important 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.”

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Source: Credible/Twitter

The crypto analyst is utilizing the Elliott Wave principle, a technical evaluation strategy that predicts future price motion by following crowd psychology that tends to manifest in waves. According to Credible, Bitcoin continues to be within the midst of wave 4, the corrective part of a five-wave uptrend. The crypto dealer says that a transfer beneath $40,000 will full the fourth wave and put BTC in a place to ignite the fifth and ultimate wave en route to above $100,000 by July 2022.

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Featured Image: Shutterstock/Liu zishan

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