A popular crypto analyst gave a prediction that Bitcoin (BTC) is on a bullish path to outstretch six figures in 2023. Known pseudonymously as Credible, the analyst made the prediction (BTC Reach Six Figures) on his Twitter handle while addressing his over 300k followers. The current bear market began in late 2021, with Bitcoin dropping over 60% from its previous high. However, Credible believes that the crypto giant is experiencing a correction period that'll see it rally up to six figures.
How The Crypto Market Has Been Faring: The entire crypto bear market experienced bullish moments during the pandemic. Will BTC reach Six Figures now seems to be the big question in front of the market. Many analysts accredit the high interest to excess money in circulation. Still, the market has experienced a downfall since the start of 2022 due to multiple macroeconomic factors. Bitcoin price fell over 60% from its all-time high of $68,000, with altcoins following the trend. Inflation statistics and lending rate hikes are major causes of the market's volatility. Yet, the market seems to be stabilizing in the previous few weeks. BTC remained sturdy after the Feds declared another rate hike last Wednesday, witnessing a minor price decrease. While it has adored some short wins and nose-dives, it has remained in the US$19,000 range.
Statistics Behind Credible's Bullish Sentiments
Credible is generally known for applying the Elliott Wave theory. This advanced technical analysis approach aims to forecast price movement by leveraging crowd psychology which widely moves in waves. The theory states that a noteworthy uptrend consists of five waves. The first three of them are upswings, and the last two are corrective phases. Based on the expert's chart, BTC in 2023 might begin rising sharply in price sometime next month. He claims that sometime next year, Bitcoin's price will rally to around US$150,000. Cryptocurrency analyst also expects BTC to go beyond US$22,000 shortly.
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