Despite his present bullish leaning, the professional analyst—who goes by CrediBULL Crypto—still sees a bright future. In a recent post on X, the trader reiterated his optimistic perspective and made a daring price prediction.
He emphasized in particular the earlier surge in Bitcoin prices, which surged from $38,514 to $73,805. Notably, 91% of the advantages from this initial impulse were realized between January 23 and March 13 during a 50-day period.
Bitcoin price analysis and the $100K target
“The impulses that follow should be even more aggressive, and we are trading at 64k. Our next impulse could send us to 100k within 30 days, and we still have around 6 months left till EOY.”
– Credible Crypto (CrediBULL Crypto)
Based on the Elliott Waves theory, a prominent tool for trend analysis among technical analysts, Credible Crypto has made a projection. Three of the five waves in a bull market, according to theory, are "impulse" waves. The third wave is typically the most aggressive, yielding larger benefits in a shorter amount of time.
As of $64,260, the price of Bitcoin, a rebound to $100,000 would yield gains of 55%, less than anticipated. But for many investors, the "$100K" figure represents a significant psychological barrier and a goal worth achieving. This could slow down the third wave by putting selling pressure on this price range.
It's interesting to note that rival traders have already prepared their exit strategy, with the $130,000 mark serving as their primary objective. Some, such as Alan Santana, think that the trend will continue upward to $150,000 per Bitcoin.
On the other hand, from a basic standpoint, Bitcoin has indicated signs of fragility. For instance, after years of working below the surface, miners have been giving in and selling more quickly. As a result, the predictions made by these analysts will rely on encouraging advancements and core enhancements for the top cryptocurrency, which is up against fierce competition.
On the other hand, from a basic standpoint, Bitcoin has indicated signs of fragility. For instance, after years of working below the surface, miners have been giving in and selling more quickly. As a result, the predictions made by these analysts will rely on encouraging advancements and core enhancements for the top cryptocurrency, which is up against fierce competition.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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