Analyst Says BTC Is Angling For Six Digit Rally In Next Year
September 28 2022 - 7:00PM
NEWSBTC
A popular crypto analyst has predicted that Bitcoin (BTC) is on a
bullish path to reach six figures in 2023. Known pseudonymously as
Credible, the analyst made the prediction on his Twitter handle
while addressing his over 300k followers. The recent bear
market began in late 2021, with Bitcoin dropping over 60% from its
previous high. However, Credible believes that the crypto giant is
experiencing a correction period that’ll see it rally up to six
figures. Related Reading: Sam Bankman-Fried Eyes On Bidding For
Celsius Assets How The Crypto Market Has Been Faring The entire
crypto market experienced bullish moments during the pandemic. Many
analysts attributed the high interest to excess money in
circulation. However, the market has declined since the start of
2022 due to many macroeconomic factors. Bitcoin fell over 60%
from its all-time high of $68,000, with altcoins following the
trend. Inflation statistics and lending rate hikes are major causes
of the market’s volatility. However, the market seems to be
stabilizing in the past few weeks. BTC remained sturdy after the
Feds announced another rate hike last Wednesday, seeing a minor
price decrease. While it has enjoyed some short wins and
nose-dives, it has remained in the $19,000 range. Why Is Credible
Bullish On BTC’s Growth Next Year? Given the current market
situation, some analysts believe the market could get worse before
getting better. However, Credible believes that Bitcoin just
completed a lengthy correction and is ready to spark a parabolic
rally to hit $150k. Momentum. Which is why estimates must be within
a range- it can vary. I am expecting at least 100k, not 300k+,
likely somewhere around 150k-ish. But will know more as PA develops
and the move actually starts. – Credible. Statistics Behind
Credible’s Bullish Sentiments Credible is widely known to practice
the Elliott Wave theory. This sophisticated technical analysis
approach attempts to forecast price movement by leveraging crowd
psychology which usually moves in waves. The theory states that a
significant uptrend consists of five waves. The first three of
which are upswings, and the last two are corrective phases. While
we have gone lower than expected in terms of price, macro
invalidation hasn’t been hit ($14,000) and time-wise we are still
right on track for our fifth wave, despite what it may seem.
Time-wise, wave four correction is proportional to third wave, just
as wave two was to first wave. – Credible. According to the
expert’s chart, BTC might start rising sharply in price sometime
next month. He claims that sometime next year, Bitcoin’s price will
rally to around $150,000. Cryptocurrency analyst also expects BTC
to go beyond $22,000 in the near future. Focusing On The Charts
While answering some comments on his predictions, Credible
explained that momentum is the key driver behind his prediction. He
also added that the present sentiment is similar to the attitude of
investors and traders during the Covid-19 outbreak. Heard almost
exactly the same during the Covid crash in March [2020]. We went
20x soon after.” Related Reading: Cardano Price Misses Fireworks On
Its Birthday, How Far Will ADA Fall? As of writing, Bitcoin hovers
above $19,500, trading at a 2.37% increase from its last 24-hour
price. Featured image from Pixabay and chart from TradingView.com
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