A cryptocurrency strategist now predicts a parabolic rally for bitcoin this year BTC It broke a major psychological resistance at $20,000.
The analyst who goes by the pseudonym Credible tells his 335,700 Twitter followers that he believes this Bitcoin bottom is โofficiallyโ a bear market.
โ$21,500 has been hacked into the futures exchange. Spot trades have been getting close to $21,500, but I have seen what I need. It's up. [The] Officially bottom, in my opinion. Watch the pullback to $18,000 (if we get one).
According to the chief analyst, a move above $21,500 would signal a new bull market for Bitcoin. to push The king cryptocurrency is at its highest point in the coming months.
"And here we begin... [The] The next push has started or is imminent and BTC dominance is starting to break out of teal territory as expected. We expect massive dominance as Bitcoin climbs to a new all-time high in the next six months or so."
The cryptocurrency strategist also says that Bitcoin's current market structure seems to be shining through the positive vibes of September 2020, when Bitcoin consolidated around $9,000 before falling to $60,000.
"It happens. Over and over again."
It highlights that Bitcoin is in the midst of a long-term bull market and that last year's deep correction is part of a five-wave uptrend. The famous Elliott Wave practitioner believes that BTC is now about to start a fifth wave on its way to a new all-time high of around $150,000.
โWho is ready for an all-time high fifth wave in 2023? BTCโ.
Elliott Wave Theory is an advanced technical analysis approach that attempts to predict future price movement based on the psychology of the crowds that tend to appear in waves. The theory states that the bullish asset goes on a five-way high with the first, third, and fifth waves characterized by strong highs.
At the time of writing, Bitcoin is trading hands-on at $20,740, indicating more than 623% upside potential for BTC if it hits the credible target.
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