Yesterday brought some relief for the market participants, but it was only short-lived.
The bears are hovering over the crypto market, bringing down major cryptocurrencies like Bitcoin, which had dropped more than 7% in the last 24hrs, along with Ethereum.
At the time of reporting, Bitcoin is selling at $18,759 after a drop of 7.16% over the last 24hrs. If the bear action continues, the flagship currency might find immediate support around $18,500 before plunging towards $18,000.
While the market is under bearish correction again, a well-known crypto analyst and trader predicts bullish momentum next year.
The analyst, anonymously known as Credible, informs his 338,500 followers over Twitter that Bitcoin will soon see an end to the bear market and begin a bull rally targeting a six-digit price level.
As per the analyst, Bitcoin has not yet dropped towards $14,000, confirming the currency’s move towards the fifth wave targeting $100,000.
Credible is well-known for his predictions based on the Elliott Wave theory that predicts the currency’s movement by tracking crowd psychology, mainly based on waves. As per the theory, the first, third and fifth wave points toward an upswing, while the second and fourth indicate a bear market.
Bitcoin Price At $15k Soon
The chart displayed by Credible suggests that Bitcoin might start its bull rally in October when the asset is likely to hit $15,000.
Next, the strategist claims that, at the moment, the sentiment is the same as it was during Covid in March 2020, when the market crashed. However, just after the crash, Bitcoin jumped nearly 20 times.
As Credible wraps up his analysis, he gives out a target for Bitcoin’s short-term rally, which is beyond $22,000. A major cause of this prediction is that the liquidity is accumulating towards the north.
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