A widely followed cryptocurrency analyst and trader said that Bitcoin (BTC) is in the early stages of a major rally that will rapidly increase its value by the end of the year.
Anonymous analyst Credible stated that Bitcoin may have entered a new paradigm when BTC started to give bullish signals. According to the crypto strategist, Bitcoin has probably entered the fifth wave of a five-wave bull cycle and is poised to break above $130,000.
“In all seriousness, the 5th should be similar to the 1st and 3rd, because once we get started the retracements will be shallow and essentially only escalate for a few months. It’s not really a new paradigm, just the result of expansion after a one-year consolidation period. BTC.”
Examines the Credible Elliott Wave theory. The theory states that a bull market cycle comes in five waves, with waves one, three and five being the main uptrends. According to Credible, the fifth wave will likely include a peak or a period in which Bitcoin has risen exponentially in a short period of time.
“No, my bet is that it’s literally no different this time. To say that the cycle is already over is to claim that for the first time in BTC history, we are experiencing a non-peak, non-prolonged cycle.”
In the short term, Credible says that a shallow pullback around $46,000 will confirm its thesis.
Bitcoin was trading at $47,000 at the time of writing, down 1.4% in the last 24 hours.
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