Bitcoin To Reach All-Time Highs Quicker Than Everyone Expects, Says Analyst

A closely followed analyst says that Bitcoin (BTC) is about to make a run for all-time highs a lot sooner than anyone realizes. While most in the crypto space are expecting a lengthy period of consolidation before the next bull run, pseudonymous analyst Credible Crypto says that Bitcoin is set to break the six-figure mark before the end of the year.

The analyst shows two scenarios on a chart, one in which he says what the majority of market participants expect, and one in which he says what is more likely to happen.

He says traders are likely putting too much emphasis on the Bitcoin halving, which is slated for April of next year and has historically coincided with BTC market cycles. According to him, the price of BTC is set to front-run the halving cycle this time.

Credible Crypto uses Elliot Wave theory, which depicts price movement in a series of waves based on crowd psychology. Under the theory, price impulses to the upside happen in five main waves, and according to the trader, BTC is in the midst of its fifth and final wave. At the time of writing, BTC is trading at $30,214, up 8% in the last week.


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