• A crypto analyst predicts that Bitcoin (BTC) is about to experience a parabolic advance which could push the price of the asset to a new all-time high before the year ends.
• The analyst believes that Bitcoin is currently in its major wave three and this period often produces the strongest gains for a bullish asset.
• He estimates that BTC could reach as high as $75,000 by November if it follows his analysis.
Parabolic Advance Coming for Bitcoin (BTC), Says Crypto Strategist
A widely followed crypto analyst claims that Bitcoin (BTC) is about to ignite steep rallies that could send its price to a new all-time high before the year expires. Pseudonymous analyst Credible Crypto speculates that BTC is currently experiencing a five-wave uptrend with wave three leading up to a potential parabolic move upwards. According to him, BTC will likely break out of consolidation soon and reach $42,000 or higher on its next move up.
What Is The Elliott Wave Theory?
The Elliott Wave Theory suggests that an asset’s bullish momentum goes through five waves – waves one, three and five are periods of rapid price acceleration. Additionally, each major wave consists of smaller five-wave moves known as sub-waves. Credible Crypto suggests that Bitcoin is likely on the brink of igniting its third sub-wave of major wave three which will cause prices to skyrocket significantly.
Credible Crypto’s Price Targets For BTC
Based on his technical analysis, Credible Crypto believes that once BTC breaks out from consolidation it will exceed $42,000 and reach as high as $75,000 by November 2021. At time of writing, Bitcoin is trading at around $29,345 per coin according to CoinMarketCap data.
Investors should be aware of possible risks when investing in digital assets like Bitcoin since prices can be highly volatile with no guarantee for returns on investments made in cryptocurrency markets. Cryptocurrency investments should only be made after doing thorough research and consulting with financial advisors when making decisions regarding these risky assets.
Crypto strategist Credible Crypto forecasts an upcoming parabolic advance for Bitcoin which has potential to send prices soaring above their current levels within the next few months if his technical analysis plays out successfully. Although there are no guarantees when it comes to cryptocurrency trading, investors should remain informed and take extra caution when taking part in such risky activities or markets such as those related to digital assets like BTC