A closely followed crypto strategist believes that Bitcoin (BTC) is gearing up to print a new all-time high despite the overall bearish sentiment in the markets.
Pseudonymous analyst Credible tells his 333,100 Twitter followers that Bitcoin has been in a macro bull market over the last decade or so with the 2014 and 2018 bear markets serving as corrective periods.
“After the tops in 13/17, we had major bear markets in which it took three years to get back to highs. Current corrections are of a smaller degree, and this will be proven if/when we break to new all-time highs in some months. BTC.”
Credible is a popular practitioner of Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following crowd psychology which tends to manifest in waves. According to the theory, a bullish market cycle goes through five impulse waves with the asset correcting during waves two and four while rallying in the course of waves one, three and five. The theory also states that each major wave consists of five smaller subwaves.
Looking at Credible’s chart, the analyst is suggesting that Bitcoin is in the midst of a major fifth wave, which started in early 2019. Coincidentally, Bitcoin is now also in the fifth subwave that could push BTC to a new all-time high above $100,000.
According to the crypto analyst, his bullish stance is controversial since BTC is years away from the next halving.
“A controversial take I know, but Bitcoin halvings more priced in than people think in my opinion. Most not expecting new all-time high until after next halving in 2024. I’m expecting one before. BTC.”
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