😲🚀Bitcoin (BTC) Is Almost Ready for a Parabolic Rise, According to Crypto Strategy - Here Are the Goals
A trader who has recently continued to gain followers with Bitcoin ( BTC) calls thinks that the crypto king is preparing for a parabolic rise.
The pseudonymous analyst Credible Crypto told his 349,100 followers on the X social media platform that BTC appears to have hit a local bottom after touching the cross support of the $33,400 bullish streamer pattern.
The crypto strategist shares a chart that suggests that BTC will first rise to about $39,000 to end the great third wave rise, before consolidating and breaking above $48,000 in the first two weeks of November.
“The current consolidation structure creates a series of low highs and high lows; only 4 with a sudden move. a triangular structure located in the wave. This adds more confidence to our bottom count and gives us a net override score ($33,400) as well. If this is true, our local bottom point is inside and we are about to enter the 5th (red) bottom wave shown on the 'map' below.”
Credible Crypto applies Elliott Wave the kiory, an advanced technical analysis approach that attempts to predict future price movements by following the crowd psychology, which tends to manifest in waves. According to the theory, an ascending entity passes through five main waves, each wave having its own five sub-waves.
Credible Crypto's chart shows that Bitcoin is trading at $34,319 at the time of writing, breaking the bullish streamer pattern of BTC and currently moving towards about $39,000 for the fifth sub-wave of the third wave.
The crypto strategist also notes that Bitcoin has been outperforming technology stocks recently, and BTC looks set for a big rise.
"Tech stocks look like garbage here, while BTC has just come out of a consolidation structure that lasted for several months and is following a parabolic course. Previously 'muh parsing' crypto was all over Twitter.”
