Today, the cryptocurrency market opened with most of the cryptocurrencies bleeding red. Though the current market is controlled by bearish pull, it is important to note that the week started with major cryptocurrencies breaking their crucial resistance like Bitcoin gaining $47,000 level along with Ethereum acquiring $3,500 level.
Over the last week, Bitcoin has seen itself crossing a crucial resistance barrier and has gained more than 13.5%, the biggest single week percentage since April 2021.
At the time of writing, Bitcoin is trading at $47,224 with a plunge of 1.49% in the last 24hrs. The currency currently holds $897.17 billion market capitalization.
Bitcoin Price Enters Fifth Wave !
A well-known crypto analyst and trader, Credible, states Bitcoin has entered early stages of a massive rally which will skyrocket the price by the end of 2022.
Credible, pseudonymous analyst, says to his 319,500 twitter followers that Bitcoin seems to have entered the fifth wave of its bull cycle and is about to rally above $130,000.
He is of the opinion that the fifth wave should be similar to the first and third wave which will essentially push Bitcoin to be ‘up only’ for a number of months.
Credible who refers to Elliott Wave theory, a technical analysis approach that predicts future price action on the basis of crowd psychology. As per Elliott Wave theory, a bull market has five waves and first, third and fifth are uptrends. As per Credible, the fifth wave will see Bitcoin exponentially rising within a short period of time.
As per below tweet, Credible expects a bullish rally with a buy back.