October 31, 2023
A pseudonymous analyst known as Credible Crypto believes that Bitcoin (BTC) is preparing for a parabolic surge. With a growing following, Credible Crypto shares his insights on social media platform X.
Credible Crypto points out that BTC has likely reached a local bottom after touching the diagonal support of a bullish pennant pattern at $33,400. He shares a chart indicating that BTC will first rally to around $39,000 to complete its major third-wave surge.
Credible Crypto practices the Elliott Wave theory, a technical analysis approach that predicts price action based on crowd psychology. According to this theory, a bullish asset goes through five major waves, each consisting of five sub-waves.
Credible Crypto's chart suggests that BTC has broken out of its bullish pennant pattern and is on its way to reaching approximately $39,000 for the sub-wave five of wave three. He also notes that Bitcoin has been outperforming tech stocks and appears ready for a significant upward movement.
Based on Credible Crypto's analysis, Bitcoin is showing signs of a parabolic surge. With BTC breaking out of its consolidation structure and outperforming tech stocks, investors may want to consider the potential upside of Bitcoin in the coming weeks.