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Bitcoin is poised for a strong rally to $55,000, according to a leading cryptoanalyst but there's a catch

Bitcoin is poised for a strong rally to $55,000, according to a leading cryptoanalyst – but there's a catch

An attentive cryptostrategist and trader predicts a strong rebound in Bitcoin – but warns that the recovery will not occur in a straight line. Credible, a pseudonymous crypto analyst, told his 282,400 Twitter followers that he believes Bitcoin (BTC) has hit a local bottom and is now ready to begin a rally, according to the Dailyhodl. “This is it, just what I was looking for. The lows have soared, with bets on Bitfinex hitting the $45,000 mark. Now I think we're ready for $55,000+”.

While Credible maintains a long-term bullish stance on Bitcoin, he thinks BTC will hit a lower high at $55,000 before another significant correction. “A slight renewal of the idea below – I think we'll see some relief over the next week or two, but then there will be another swing below $42,000 but above $30,000 to complete our flat structure”. The crypto analyst uses Elliott wave theory – a technical analysis approach that predicts future price action by following crowd psychology, which tends to manifest as waves. According to Credible, Bitcoin is still in the middle of the fourth wave, the corrective phase of a five-wave uptrend. The crypto trader says a move below $40,000 would end the fourth wave and put BTC in position to begin the fifth and final wave on its way to above $100,000 by July 2022.

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