A crypto strategist known for making timely Bitcoin calls believes that BTC will print an astronomical new all-time high before the current cycle is over.
Pseudonymous analyst Credible Crypto tells his 468,800 followers on the social media platform X that Bitcoin is likely on the verge of an explosive breakout from its trading range.
“The bid on BTC is relentless. When this thing finally breaks out of this range it will leave people in awe.”
Next up, the analyst responds to crypto investor TraderJB’s comment on X that Bitcoin’s fifth wave may extend nearly 4.236 times the net travel of waves one through three based on historical precedence, which would put BTC at a cycle peak at around $264,000.
Credible Crypto uses Elliott Wave theory, which depicts price movement in a series of waves based on crowd psychology. Under the theory, price impulses to the upside happen in five main waves, and according to the trader, BTC is in the midst of its fifth and final wave.
“Two times may just be a coincidence, but it’s worth noting that the expected target, if it happens a third time, does fall within the range that I’ve been talking about for years now for the end of this final fifth wave (above $100,000, below $300,000). We have a significant amount of PA (price action) to develop to the upside before we can get a better estimate of where the final push may land but keeping this in the back of my mind.”
Bitcoin is trading for $109,819 at time of writing, flat on the day.
Next up, the analyst says Ethereum (ETH) may surge to around $3,400 if BTC breaks out.
“If this plays out on BTC would be looking for something similar on ETH. One more month of chop, then full send?”
ETH is trading for $2,594 at time of writing, flat on the day.
Lastly, the analyst predicts that payments blockchain token XRP may hit about $18 this cycle, after buying the digital asset for $0.18 in 2019.
“I do expect [XRP] to be up over 100x. Taking a bit longer than expected, but you won’t see me complaining about a 100x ‘taking too long.’”
The analyst suggests that XRP first needs to break through a key resistance level against BTC (XRP/BTC) at 0.00002162 BTC ($2.36) to hit his double-digit price target.
XRP/BTC is trading for 0.00002063 BTC ($2.26) at time of writing.
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