A crypto trader known for his timely Bitcoin calls is outlining BTC’s price action in the coming months based on the Elliott Wave theory.
In a new post on X, pseudonymous analyst Credible tells his 477,100 followers that he believes BTC started a new five-wave uptrend after bottoming out in late April at around $74,000.
The Elliott Wave theory states that a bullish asset will experience a five-wave surge, with waves one, three, and five serving as uptrends, while waves two and four acting as corrective periods.
Says Credible,
“Zooming out to remind you all of where we are in the bigger picture, so you don’t get lost in the lower timeframes and panic unnecessarily:
High timeframes remain unequivocally bullish, and the current correction is considered normal/healthy in the HTF (high timeframe) context…
The chart below clearly shows the importance/significance of the $74,000 level I’ve been talking about for a while now and why it is so relevant.
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.”
Looking at the trader’s chart, he appears to outline two paths for Bitcoin en route to his target of $220,000. Both paths suggest that BTC will soar above $200,000 by March 2026.
At time of writing, BTC is worth $109,574.
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Generated Image: Midjourney