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.
Generated Image: Midjourney
