Credible Crypto: bitcoin may fall to $ 58,000

Cryptocurrency market analyst Credible Crypto believes that bitcoin BTC $95,070.74 Bitcoin -2.04% Market capitalization $1.88 trillion VOL. 24 hours $2.44 billion may correct again before the most aggressive stage of the current bull market begins. The expert uses the Elliott Wave theory, according to which the growth of an asset occurs in five waves, where the second and fourth waves are corrective.

According to Credible Crypto, BTC may temporarily fall below $ 80,000, and in the worst case scenario, even into the $ 70,000−80,000 range. However, this correction will not change the overall upward structure unless the price falls below $ 58,000.

«The important takeaway from this chart is that this second sub-wave we’ve depicted here could technically go lower into the $ 70,000 or even $ 80,000 area without affecting the higher timeframe structure.

As long as you don’t go below the source of this momentum, which is here at $ 58,000, we can technically trace deeper into this region without compromising the higher timeframe structure

The other key takeaway is that moves to the upside, once we go up, should be even more aggressive than the $ 58,000 to $ 90,000 move because it’s essentially a parabolic top of the decline. The final fifth wave of the fifth wave of the cycle, which began when bitcoin was trading at $ 3,000 in 2018…

This move should be the most aggressive move we’ve seen in this cycle," the analyst says.

The analyst predicts that after that, the market will enter the final fifth wave, which will be the most rapid in the entire current cycle, which began in 2018 when BTC was worth $ 3,000. According to his calculations, the minimum target at the end of the cycle is $ 150,000, and the potential maximum is $ 230,000.

At the time of writing, bitcoin is trading at $ 96,200.