A generally followed analyst and trader believes that Bitcoin (BTC) will go even higher after he has recently reached a new of all time.
The analyst, pseudonym known as credible crypto, tells Are 467,200 followers on the social media platform X that Bitcoin is now in the final phase of a bullish cycle.
Corrective crypto, which regularly applies the Elliott golf theory in his technical analysis, says Bitcoin is in the last wave of the most important bullish trend. The Elliott golf theory states that the most important trend of the price of an active moves in a five-wave pattern, while a correction occurs in a three-golf pattern.
“Regardless of how this month is closed – the fact that our monthly relative power index (RSI) pushes back into overbough territory, again means that things are about to become stupid.
The last fifth [wave] Is going well and we are approaching the point where we will soon start parabolic and witness a blow-off top, as we have not seen since 2017.
This will be the most aggressive expansion that we have seen on Bitcoin since the start. “
The RSI is a momentum -oscillator calibrated from zero to 100, with a lecture of more than 70 that Overbough indicates conditions and a lecture of less sold circumstances under the 30 signaling.
According to For the pseudonym analyst, Bitcoin registered enormous price increases when the RSI lecture reached overbought levels at the monthly period.
“The last two times that we did this were the monthly candles that broke us in overbough areas, respectively, $ 22,200 and $ 33,000 in size.
Will this third monthly candle be even greater? Currently for $ 18,000 by around 10 days until the monthly closure. “
Bitcoin acts at $ 111,296 at the time of writing.
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