A crypto strategist known for his timely Bitcoin and altcoin calls outlines a potential path for BTC to end the current bull market with a bang.
Pseudonymous analyst Credible Crypto tells his 65,900 YouTube subscribers that Bitcoin appears to be in the fifth and final leg of its secular bull market that started about six years ago.
The trader applies the Elliott Wave theory, which states that a bullish asset tends to witness five-wave rallies, with wave five acting as the final leg before a correction.
According to Credible, Bitcoin could witness a parabolic wave in the coming months to complete its fifth and final wave.
“So we are, in my opinion, in the final leg of the final leg of the cycle that started here in 2018 at $3,000 Bitcoin. Within this final fifth wave, the idea again is that once this final fifth stage has begun, which seems to have begun at this point, it should be quite aggressive…
The idea is that this fifth wave should generally be a blow-off top.”
The trader also reveals his Bitcoin bull market price targets, predicting that BTC could realistically rise nearly 60% from current levels before moving to a new trend.
“We could see this movement rising very aggressively. And the longer it takes us to go up, the higher we go. So again, I said above $100,000 earlier… $150,000 is realistic based on what we’ve seen so far. But we could go up to $200,000.
We could even go to $250,000, with my absolute maximum for this cycle being $300,000. I don’t think we’ll get close to $300,000, but we could see $200,000 to $220,000.
It all depends on how aggressively we go up and the amount of time we take to go up. The longer we take to complete this step, the higher we go.”
At the time of writing, Bitcoin is worth $95,075.
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