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Crypto strategist with the nickname Credible believes that, despite the general bearish sentiment in the markets, BTC is ready to update the historical maximum
According to him, bitcoin has been in a bull market for the past decade, and the bear markets of 2014 and 2018 were periods of correction:
“After the peaks of 2013/2017, there were large bear markets and it took 3 years to return to the highs. The current corrections are somewhat smaller and this will be proven when BTC soars to new historical highs in a few months. “
For technical analysis, Credible uses the Elliott wave theory, which predicts the behavior of the course based on the psychology of the crowd, which manifests itself in the form of waves. This theory assumes that the bull market cycle passes through 5 impulse waves, while the asset undergoes correction during the 2nd and 4th waves and shows a rally during the 1st, 3rd and 5th waves. In addition, each large wave consists of 5 smaller subwaves.
According to the analyst, now bitcoin is in the middle of the main 5th wave, which began at the start of 2019. In addition, at the moment, BTC is still in the 5th sub-wave, which can push the asset to a new historical high above $ 100,000. But his bullish attitude is debatable, as the next bitcoin halving is still a long way off:
“I understand that my approach is controversial, but people overestimate the halving of BTC. Most don’t expect a new all-time high until the next halving in 2024, and I expect it sooner.”
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