Bitcoin (BTC) has more upside potential despite the recent downturn, according to a widely followed cryptocurrency analyst and trader.
The analyst and trader pseudonymously known as Credible Crypto tells his 477,300 followers on X that Bitcoin appears bullish on the high-time frames (HTF) and there’s no need to “panic unnecessarily.”
“High timeframes remain unequivocally bullish, and the current correction is considered normal/healthy in the HTF context.”
According to Credible Crypto, Bitcoin can still fall by around 10% from the current level without the bullish structure on the high time frames turning bearish.
“The current correction should either hold above the lows at $98,000 (what we call a “running flat”) or potentially wick below them (what we call an expanded flat), but in either case – there is no change in HTF structure.
Keep calm and get through this correction because what comes next is what you’ve been waiting for since 2018.”
Based on Credible Crypto’s chart of Bitcoin on the 12-hour time frame, it appears he’s suggesting that the crypto king is currently forming the second wave of a five-wave pattern that could culminate in BTC hitting a price of around $220,000, around 2x from the current level. Trading wave patterns is based on the Elliott Wave theory, which states that the main trend of the price of an asset moves in a five-wave pattern, while a correction occurs in a three-wave pattern.
Bitcoin is trading at $109,571 at time of writing, around 11% below the all-time high.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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