Crypto Trader Predicts Bitcoin Could Surge by 365% in Current Cycle, With a Catch Says The Daily Hodl
Bitcoin (BTC) could potentially reach a six-figure price in the upcoming months, as indicated by a cryptocurrency analyst and trader.
According to the analyst, known as Credible Crypto, who has a following of 55,800 subscribers on YouTube, the cycle top for Bitcoin could range between 55% and 365% from the current level.
As market trends progress, the analyst will provide insights on key indicators to watch for in order to determine where this cycle’s peak may occur. He suggests that the range for the peak could be anywhere from $100,000 to $300,000, with a ballpark estimate around $150,000. However, the actual range is quite broad.
The trader predicts that after reaching the cycle top, Bitcoin could experience a significant price decline to levels last seen in October 2020.
Using the Elliott Wave theory in his technical analysis, the trader believes that Bitcoin’s current cycle will end with the completion of the final wave in a pattern that began in 2014. According to this theory, market trends move in a five-wave pattern followed by a three-wave correction.
Once the peak is reached, the trader anticipates a severe correction, with prices potentially dropping below $30,000 and even hitting key levels like $10,000 to $14,000 that were previously anticipated but never reached.
At the time of writing, Bitcoin is trading at $64,490.
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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.
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