In a message on Twitter, the analyst writes that he expects only 5 waves of growth of the first cryptocurrency. That said, bitcoin is now at the beginning of the third wave, which usually involves parabolic growth of the asset.
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“Usually the third wave is the most powerful one. We should expect a fast and powerful rise in bitcoin, after the rate comes out of the current consolidation. I’m talking about the $10,000 monthly candlesticks I expect after coming out of consolidation,” Credible Crypto writes.
The analyst is an adherent of Elliott Wave theory, which is one of the advanced elements of technical analysis that relies on crowd psychology. According to this theory, there are usually 5 waves of asset growth, with waves 1, 3 and 5 showing powerful price movements.
Judging by Credible Crypto’s charts, it expects the third wave to rise to $42,000. Bitcoin should reach $58,000 by October, but then pull back to $49,000. And by November, the first cryptocurrency could be worth as much as $75,000.
In May, an analyst said BTC could grow 150% this year.