Bitcoin (BTC) could hit a six-figure price over the coming months, according to a cryptocurrency analyst and trader.
The analyst pseudonymously known as Credible Crypto tells his 55,800 YouTube subscribers that the Bitcoin cycle top could come in at between 55% and 365% from the current level.
As price action develops, I will talk about signs that you can look forward to help identify where this [cycle] top maybe be put in. Again, it’s a big range. It can happen anywhere above, in my opinion, at $100,000 to $300,000. Realistically, I’ve previously said around $150,000 ballpark but there’s a big range there.”
The pseudonymous trader says that after hitting the cycle top, Bitcoin could crash to a price last witnessed in October 2020.
The pseudonymous trader who sometimes applies the Elliott Wave theory in his technical analysis believes that BTC’s top this cycle will coincide with the completion of the final wave of a five-wave pattern that started around 2014. According to the Elliott Wave theory, the main trend of the price of an asset moves in a five-wave pattern, while a correction occurs in a three-wave pattern.
“And when that top comes in, the following correction I think will be very, very brutal down to you know at least sub $30,000 realistically. It’s certainly possible that we go to that $10,000 to $14,000 key level that everyone is eyeing up just a year ago that we never hit.”
Bitcoin is trading at $64,490 at time of writing.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Bitcoin Could Skyrocket by up to 365% This Cycle, According to Crypto Trader – But There’s a Catch appeared first on The Daily Hodl.
