Popular crypto analyst has predictedBitcoin (BTC), on its bullish path, will reach six figures by 2023. Credible was pseudonymously the analyst who made the prediction while speaking to his 300k Twitter followers.
Bitcoin dropped over 60% since its high in 2021. However, Credible believes that the crypto giant is experiencing a correction period that’ll see it rally up to six figures.
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What the Crypto Market has been doing
All crypto markets experienced bullish times during the pandemic. The high level of interest was attributed to the large amount of money that is in circulation, according to many analysts. However, many macroeconomic factors have caused the market to decline since 2022.
Bitcoin fell over 60% Altcoins are following this trend, rising from $68,000 to their all-time peak. Inflation statistics and lending rate hikes are major causes of the market’s volatility.
However, it seems that the market has stabilized over the last few weeks. BTC was stable after the announcement. Feds have announced another rate riseLast Wednesday saw a slight price drop. Although it had some minor wins and nosedives it remains in the $19,000 area.
Why Is Credible Bullish On BTC’s Growth Next Year?
Analysts believe that market conditions could worsen before they improve. Credible is confident that Bitcoin has just undergone a long correction, and will soon be able to ignite a rally for $150k.
Momentum. This is why estimates should be in a range. It can change. My expectation is at least 100k. I’m not expecting 300k+. It will likely be around 150k. We will find out more when PA is developed and the actual move begins. – Credible.
Statistics Behind Credible’s Bullish Sentiments
The Elliott Wave theory is very well-known to Credible. This advanced technical analysis method attempts to predict price movements by using crowd psychology, which often moves in waves. Five waves are required to create a significant upward trend, according to this theory. Three of these waves are considered upswings. The last two are called 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. The time to correct wave 4 is the same as wave 2 and wave 1. – 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. An analyst in cryptocurrency also believes that BTC will surpass $22,000 in the very near future.
Focus on the Charts
Credible answered some questions about his predictions and explained that momentum was the driving force behind his prediction. He also addedThis sentiment is very similar to that of traders and investors in the Covid-19 era.
The exact same thing was heard in the March Covid crash . We went 20x soon after.”
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Bitcoin is trading above $19500 at the time of writing. This represents a 2.37 percent increase over its previous 24-hours.
Featured image taken from Pixabay. Chart from TradingView.com