Credible strategist says it is time for Bitcoin to return to $ 55,000 but not go in a straight line

The strategist Credible predicts a strong rally for Bitcoin – but warns that the recovery will not be linear.

The analyst said he believes Bitcoin has bottomed out locally and is now ready to unleash a recovery rally.

“Bitcoin has broken lows. Bitfinex is offering $ 45,000. It is now clear that there will be a relief rally that will push the price up to over $ 55,000. ”

The source: Credible / Twitter

Despite Credible’s long-term uptrend in Bitcoin, he sees BTC printing a lower high at $ 55,000 before another significant correction.

“Small update: it is possible that Bitcoin will see a slight decline in the next week or two, but then there will be another swing under $ 42,000 (but over $ 30,000) to complete the structure.” Bamboo leaves past.”

The source: Credible / Twitter

The analyst uses Elliott Wave Theory, a technical analysis method that predicts future price movements by following mass psychology that manifests in waves.

According to Credible, Bitcoin is still in the middle of the fourth wave, the correction phase of a five-wave upward trend. He believes a move below $ 40,000 will complete the fourth wave and enable BTC to trigger the fifth and final wave on its way above $ 100,000 by July 2022.

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