A widely followed crypto strategist who continues to grow his following with timely Bitcoin calls believes that BTC is setting the stage for a push toward new record high levels.
In a new strategy session, pseudonymous analyst Credible tells his 70,500 YouTube subscribers that if demand for Bitcoin ramps up, it is possible for BTC to consolidate above $100,00 before sparking the next leg up.
The trader also says that Bitcoin’s bullish market structure will not be invalidated even if BTC drops all the way down to $92,000.
“In the most bullish scenario… this green zone ($100,000 to $105,000) would hold and we’d form a tightening consolidation and then rip to the upside in the impulse…
So in this scenario, Bitcoin basically really just does go sideways here. And in case, a lot of the altcoins that I’m looking at have little leg down left to hit the ideal buy zones across the board on a number of alts that I’m looking at.
And that’s why I think that Bitcoin could make one more lower low, potentially in the zone here ($92,000 to $95,00), or in the most bullish case, just go sideways while alts bleed a little bit.”
While Credible thinks that Bitcoin is gearing up for rallies to new all-time highs, he highlights that it is still within the realm of possibility for BTC to plunge below $90,000 or even $80,000, according to the principles of Elliott Wave Theory.
Elliott Wave Theory states that a bullish asset tends to witness a five-wave rally, where waves one, three and five are moves to the upside, while waves two and four are corrective periods.
Says Credible,
“The correction isn’t complete, and so we’re not quite ready yet to take off… If the correction isn’t complete, it doesn’t mean that if we break this low here at $100,000, that all of a sudden things have changed and it’s terrible.
No.
Again, since we’ve completed this impulse (from $74,000 to $112,000), the correction that follows, which we’re in right now, can go down to $97,000. It can go down to $91,000. It can even go down to $85,000. It doesn’t make a difference as long as it’s above the origin ($74,000).”
Looking at the trader’s chart, he seems to suggest that Bitcoin is in the midst of consolidating within a major wave three rally that started when Bitcoin dropped to $74,000 in April and is en route toward a new all-time high of $238,000.
But Credible warns that his wave three outlook for BTC will be invalidated if Bitcoin drops below $74,000.
At time of writing, Bitcoin is trading for $105,379.
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