Bitcoin (BTC) could potentially reach a six-figure price in the near future, suggesting a significant increase from its current level. Credible Crypto, a well-known cryptocurrency analyst and trader with a large following on YouTube, believes that the cycle top for Bitcoin could range anywhere from 55% to 365% above its current value. This indicates that the price of Bitcoin could soar to as high as $300,000, with a more conservative estimate placing it around $150,000.
As the price of Bitcoin continues to evolve, Credible Crypto will be monitoring key indicators to signal when the cycle top might occur. He emphasizes that the range for the cycle top is quite large, potentially falling anywhere between $100,000 and $300,000. He previously suggested a ballpark figure of $150,000, but acknowledges the uncertainty in predicting the exact top. However, he remains confident in his analysis and provides updates to his subscribers to keep them informed on the latest developments in the market.
After reaching the cycle top, Bitcoin could experience a significant downturn, potentially dropping to a price last seen in October 2020. Credible Crypto, who uses the Elliott Wave theory in his technical analysis, believes that the current cycle’s peak will align with the completion of the final wave in a five-wave pattern that began in 2014. According to the Elliott Wave theory, the price of an asset follows a five-wave pattern during its main trend, followed by a three-wave correction.
When the cycle top is reached, Credible Crypto anticipates a sharp correction in the price of Bitcoin, with a potential drop to at least below $30,000. He even suggests that Bitcoin could fall to levels as low as $10,000 to $14,000, a key support level that was previously eyed by many investors a year ago but never reached. Despite the potential for a steep decline, Credible Crypto remains optimistic about Bitcoin’s long-term prospects and continues to provide valuable insights to his subscribers.
At the time of writing, Bitcoin is trading at $64,490, showing significant volatility as it approaches potential resistance levels. Investors and traders are advised to monitor the market closely and stay informed about key developments that could impact the price of Bitcoin. By following credible analysts like Credible Crypto and staying up-to-date on technical analysis and market trends, investors can make more informed decisions and navigate the volatile cryptocurrency market with greater confidence. Be sure to subscribe to receive email alerts and follow us on various social media platforms for the latest updates and insights related to Bitcoin and other cryptocurrencies.
