Anonymous analyst Credible: BTC targets $100,000

Anonymous analyst Credible: BTC targets $100,000 Picture 1

In a new video, anonymous analyst Credible told his 53,200 YouTube subscribers that Bitcoin may have just begun a five-wave rally that could take BTC above 100,000.

Credible is based on the Elliott Wave theory, which states that a rising asset typically sees a five-wave rally, with waves one, three and five being bull runs and waves two and four being corrective periods.

According to the analyst, Bitcoin's recent move from $60,000 to above $70,000 could be the first wave of the rally, with the correction to $66,000 being wave two of the correction.

'We can now confirm that the first leg is complete, what we see now is a corrective wave two. What will happen after corrective wave two, no matter how deep it is, is a much larger wave three, four and five.

If our first wave goes from $60,000 to $70,000, that's a $10,000 move, wave three is usually bigger than that, and wave five is about the same.

In short, wherever wave two ends, we can expect at least another $20,000 to rise from wherever this correction ends. If this correction ends at $66,000, then we are looking at a minimum of $86,000 for the next completed rally.

Most likely it will push into the $90,000 area, maybe even the $100,000 level.

Source: Credible/YouTube

Credible also believes that this bull run will be a 'much stronger and more sustainable uptrend' for BTC.

At the time of writing at 6:00 am today, May 27, Bitcoin is trading at 68,643 USD.

Kareem Winters

Update 27 May 2024