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Saturday, June 25, 2022

Bitcoin Primed for a Strong Rally to $55,000, According to Top Crypto Analyst – But There’s a Catch

A closely followed crypto strategist and trader is predicting a strong Bitcoin bounce – but warns that the recovery won’t happen in a straight line.

Pseudonymous crypto analyst Credible tells his 282,400 Twitter followers that he believes Bitcoin (BTC) has carved a local bottom and is now poised to ignite a relief rally.

“There is the sweep of our lows I was looking for. Lows swept, Bitfinex bids at $45,000 hit. Now think we are clear for our relief to $55,000+.”

Source: Credible/Twitter

Although Credible is long-term bullish on Bitcoin, he sees BTC printing a lower high at $55,000 before another significant correction.

“Slight update to the idea below – think we will see some relief over the next week or two but then will have one more swing lower below $42,000 but above $30,000 to complete our flat structure.”

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Source: Credible/Twitter

The crypto analyst is using the Elliott Wave theory, a technical analysis approach that predicts future price action by following crowd psychology that tends to manifest in waves. According to Credible, Bitcoin is still in the midst of wave four, the corrective phase of a five-wave uptrend. The crypto trader says that a move below $40,000 will complete the fourth wave and put BTC in a position to ignite the fifth and final wave en route to above $100,000 by July 2022.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Liu zishan

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