Cryptocurrency market analyst predicts rapid growth for bitcoin

A cryptocurrency analyst who has been making accurate predictions about bitcoin lately believes that the flagship cryptocurrency is poised for a strong surge despite its recent drop. In a new video, the Credible Crypto expert tells his 351,400 subscribers on the X platform that bitcoin may be in the final stages of the fourth wave of correction after the fall.

«It will most likely end up like [висхідний трикутник]. It makes a lot of sense to me. Because, again, triangles are often found in fourth waves… It’s going to look like [консолідація], like an ascending triangle and then a gap up. This could be what we are getting here at this moment,» the analyst interprets his own chart.

Credible Crypto uses the Elliott Wave Theory in its technical analysis. According to the theory, a bullish asset goes through a five-wave rally, where the first, third, and fifth waves move upward, while the second and fourth waves are consolidation periods.

Looking at the trader’s chart, a breakout of $ 38,000 would mark the end of the fourth wave and push BTC to the $ 44,000 range.

The trader also notes that the recent pullback in coins has reduced the amount of open interest in bitcoin. Credible Crypto argues that now that excessive leverage has disappeared, BTC can start moving upward.

«We're seeing a huge amount of liquidations — the largest since this rally started. The largest volume of liquidation is from $ 25,000. The open interest has been completely wiped out. I don’t see what can be achieved by lowering the price, and we are in a strong uptrend, so expect the drops to be aggressively bought up,» the crypto expert concluded.