A generally followed crypto -strategist that continues to grow his supporters with timely Bitcoin calls, believes that BTC is putting the stage for a push in the direction of new record -high levels.
In a new strategy session, Pseudonymous Analyst Credible tells are 70,500 YouTube subscribers that if the demand for Bitcoin rises, it is possible for BTC to consolidate above $ 100.00 before it is raised the next leg.
The trader also says that the Bullish market structure of Bitcoin will not be invalid, even if BTC falls completely to $ 92,000.
“In the most bullish scenario … this green zone ($ 100,000 to $ 105,000) would hold and we would form a tightening consolidation and then tear in the impulse to the advantage …
So in this scenario Bitcoin really just goes aside. And in case many of the altcoins I am looking at have little leg left to touch the ideal merchant zones across the board on a number of alts that I am looking at.
And that is why I think Bitcoin could make a lower low low here, possibly in the zone here ($ 92,000 to $ 95.00), or in the most bullish case, just go sideways while alts bleed a little. ”
Although credible thinks that Bitcoin is preparing for rallies for new all time, he emphasizes that it is still within the empire of the possibility for BTC to fall under $ 90,000 or even $ 80,000, according to the principles of Elliott Wave Theory.
Elliott Wave Theory states that a bullish asset tends to see a five-golf rally, where waves are one, three and five to the advantage, while waves are two and four corrective periods.
Says credible,
“The correction is not complete, and so we are not yet completely ready to start … If the correction is not complete, this does not mean that if we break so low here at $ 100,000, it suddenly changed and it is terrible.
No.
Again, because we have completed this impulse (from $ 74,000 to $ 112,000), the correction that follows, where we are now, can fall to $ 97,000. It can fall to $ 91,000. It can even fall to $ 85,000. It makes no difference as long as it is above the origin ($ 74,000). ”
Looking at the graph of the trader, he seems to suggest that Bitcoin is three rally within a large wave that started when Bitcoin dropped to $ 74,000 in April and on the way to a new highest point of $ 238,000.
But credible warns that his golf will become three prospects for BTC invalid if Bitcoin falls below $ 74,000.
At the time of writing, Bitcoin acts for $ 105,379.
https://www.youtube.com/watch?v=8icBV4FMCP0
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Generated image: midjourney