A Crypto Strategist Predicts Bitcoin Could Surge to New Highs
A well-known crypto strategist with a large following is forecasting that Bitcoin (BTC) is on the cusp of a significant price surge that could propel it to new record highs. In a recent analysis, the analyst, known as Credible, shared his insights with over 70,500 subscribers on YouTube, suggesting that if demand for Bitcoin continues to rise, the cryptocurrency could consolidate above $100,000 before making a strong upward move.
Despite the potential for BTC to dip as low as $92,000, Credible remains optimistic about Bitcoin’s bullish market structure. He believes that even in a scenario where Bitcoin drops to the $92,000 to $95,000 range, the overall trend remains positive.
Credible outlined his most bullish scenario, envisioning a consolidation phase between $100,000 to $105,000 before a significant breakout to the upside. This period of consolidation could provide an opportunity for altcoins to reach attractive buy zones.
While Credible is optimistic about Bitcoin’s potential for new all-time highs, he acknowledges that the cryptocurrency could experience temporary setbacks. According to Elliott Wave Theory, Bitcoin could see a corrective period that could push its price below $90,000 or even $80,000.
Elliott Wave Theory suggests that assets often follow a five-wave pattern, with corrective periods interspersed between upward movements. Credible emphasized that a temporary drop in price does not invalidate the overall bullish trend as long as Bitcoin remains above its initial support level at $74,000.
According to Credible’s analysis, Bitcoin is currently in a consolidation phase within a major wave three rally that began after the April drop to $74,000. This wave could potentially propel Bitcoin to a new all-time high of $238,000. However, Credible cautioned that this bullish outlook would be invalidated if Bitcoin falls below the $74,000 support level.
As of the latest data, Bitcoin is trading at $105,379, indicating potential for further price movements in the near future.
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