A crypto strategist predicts a parabolic spike in the value of Bitcoin that would make the surge to its recent all-time highs ($ 65,000) just a slip in the market.
Jack Sparrow, who correctly predicted BTC’s surge to $ 19,000 last year, speak with his 203,600 followers, he positions himself to take advantage of the possibility of a Bitcoin rally to $ 380,000.
“If this BTC cycle ends with similar returns over a similar period of time as the previous cycle, then that is actually the shape of the chart in this cycle.
People have been calling me a permanent bear lately, but I’m just waiting for that possibility to happen. “
BTC / USD daily chart | Source: Jack Sparrow / Twitter
During the 2017 boom cycle, Bitcoin corrected from $ 5,000 to $ 2,900 before triggering an oversized rally to $ 20,000. Jack thinks that if Bitcoin is in a similar bull market phase, there will be a 1,000% rally.
The crypto strategist maintained a long-term uptrend for the benchmark cryptocurrency even after the May sell-off that caused BTC to lose more than 50% of its value. According to Jack Sparrow, the bull market is not over yet and Bitcoin will soon explode again.
“I think Bitcoin is missing from wave 5 and most likely the correction of $ 65,000 is a correction that includes wave 4. In my opinion, the game is not over and the only thing to do now is to wait patiently. “
BTC / USD 3-day chart | Source: Jack Sparrow / Twitter
The analyst uses Elliott Wave Theory which predicts future price movements by analyzing market sentiment through waves. In theory, the fourth wave is a correction that occurs before the final phase of the market cycle.
In the medium term, Jack expects Bitcoin to consolidate further over the next few months before a bull market resumes in early 2022.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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