Bitcoin Analyst Predicts Further Price Surge After All-Time High
A well-known analyst and trader, Credible Crypto, is optimistic about Bitcoin (BTC) reaching new heights after recently breaking its all-time high.
With a following of over 467,200 on the social media platform X, Credible Crypto shared his insights on Bitcoin’s current bullish cycle. Utilizing the Elliott Wave theory in his analysis, he believes that Bitcoin is now in the final phase of its upward trend.
The Elliott Wave theory suggests that the price of an asset moves in a five-wave pattern during an uptrend, followed by a three-wave correction. According to Credible Crypto, Bitcoin is currently in the final wave of its main bullish trend.
He stated, “The final fifth wave is well underway, and we are approaching a point where we will see a parabolic rise and a blow-off top, similar to the one witnessed in 2017. This will mark the most significant expansion in Bitcoin since its inception.”
One of the key indicators Credible Crypto referenced is the Relative Strength Index (RSI), which is currently indicating overbought conditions. Historically, Bitcoin has seen substantial price increases when the monthly RSI reading entered overbought territory.
Reflecting on past instances, Credible Crypto noted, “The last two times we saw the monthly RSI reach overbought levels, Bitcoin experienced significant price surges, with candles breaking $22,200 and $33,000. Will the current candle surpass these levels?”
As of now, Bitcoin is trading at $111,296, indicating a potential for further upside according to Credible Crypto’s analysis.
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