Popular crypto analyst Credible Crypto says in his recent analysis of Bitcoin (BTC) that the market leader will surpass the price of ATH before falling to $30,000.
Popular analyst says Bitcoin will ATH before bottoming out
bullish perspectives remain limited in the long term as more and more analysts call for a massive drop in Bitcoin price, mainly due to macro factors . But for Credible Crypto, the leading cryptocurrency could equally surprise the market. According to the analyst, it could continue its bull run towards ATH levels and even six digits.
The reason lies in the historical context. In previous years, as in 2019, Bitcoin (BTC) managed to turn up when the market expected a capitulation event. It swept much later expected lows like in March 2020 after seeing a macro peak and so there is every reason to believe it could be similar this time around.
Bitcoin price may reach its 6-digit target before crash
In a video in which he examines Bitcoin with Elliott Waves theory, Credible Crypto is looking for $100,000 to $200,000 for BTC price before a drop that could take liquidity at $30,000 or below. determines a new macro peak among According to the analyst:
These accumulated miscarriages – we don’t have to buy them now; We can continue very well for the fifth wave. It’s wrong to expect a sweep of the bottoms after November 2021’s ATH. But still, based on the market context and everything else I’ve seen, I think it’s a little more likely; I think it’s much more likely that we don’t use those lows and just keep going up.
Capitulation “may not be”
The same conclusion formed the basis of research by on-chain analytics platform CryptoQuant on May 3. An analyst contributing to CryptoQuant’s Quicktake series, which analyzes declining entries into exchanges, argues that investors are not preparing themselves for a wave of “capitulation” and selling. Inflows “dropped sharply” after January of this year, while outflows continued their upward trend. The analyst summarizes the situation as follows:
Therefore, if the market in general continues to trend as violently as the media predicts and there are no unexpected (unpredictable) dire events, the crab may repeat, but the capitulation may not occur.
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