Crypto analyst Credible, followed by more than 53,200 YouTube subscribers, has predicted a significant increase for Bitcoin which may push its value beyond $100,000. Credible’s prediction applies the Elliott Wave principle, a theory suggesting assets behave in a typical five-wave pattern comprising three upward phases and two corrective stages.
The recent rise of Bitcoin from $60,000 to over $70,000 is interpreted by Credible as ‘wave one’ while the subsequent drop to $66,000 is considered the second ‘correction’ wave. He suggests that the recent bounce back to $68,000 marks the beginning of ‘wave three’, potentially catapulting Bitcoin past its current all-time high.
Investors are advised to remain cautious due to Bitcoin’s inherent volatility, and not to make impulsive investment decisions. Credible emphasizes that despite the market’s potential for high returns, it also poses significant risks, underlining the need for comprehensive research and consideration of all possible outcomes before investing.
In Credible’s words, “The correction is a normal part of the market cycle, it’s healthy for market stability and future growth.” He predicts optimism throughout the market, expecting wave three to be powerful and larger than wave one.
Bitcoin’s projected surge beyond $100,000
Elaborating on his prediction, the analyst hints that the third wave often surpasses the first wave’s resulting increase. With Bitcoin’s second wave ending at $66,000, the third wave might see the cryptocurrency shooting up by at least $20,000 reaching $86,000. Credible finally added, “If this correction stops at $66,000, we’re forecasting at least an $86,000 peak for the upcoming full uptick. A climb to the high $90,000s or perhaps even touch the $100,000 milestone is probable.”
The analyst suggests that such a rise could lead to a “far more enduring and robust uptrend” for Bitcoin, positively impacting the cryptocurrency’s appeal. At the time of this report, Bitcoin is trading at $69,204, showing modest growth over the past 24 hours.
