Bitcoin Is Predicted To Surge Again, According To Crypto Analyst
JAKARTA - Bitcoin, the world's largest crypto asset by market capitalization, fell 1.7% in the last 24 hours based on Coingecko data. Even though Bitcoin (BTC) is experiencing a downturn, a well-known crypto analyst believes that the cryptocurrency still has the potential to rise big. The analyst said that Bitcoin is in the final stages of a correction before resuming its rally.
The analyst is Credible Crypto, who has 351,400 followers on the social media platform X. In his latest video, he explains that Bitcoin is forming an ascending triangle pattern, which is a bullish sign.
"Most likely, I think this will probably end up like an [ascending triangle]. That makes a lot of sense to me. Because again, triangles are often found in waves four... It would look like a [consolidation] here like an ascending triangle and then breaking upwards. That's probably what we've got here right now..." said Credible Crypto.
“This can take different shapes and forms, but it makes perfect sense here and then it will continue,” he added.
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Credible Crypto uses Elliott Wave theory, which measures price movements based on waves that are influenced by market psychology. According to this theory, an asset that is rising will go through five waves, where waves one, three, and five are up waves, and waves two and four are down waves.
Credible Crypto says that Bitcoin is currently in wave four, which is a correction wave. He estimates that if Bitcoin manages to break through the $38,000 level (IDR 596.4 million), then it will be the start of wave five, which will take Bitcoin to a target of around $44,000 (IDR 689.3 million).
Credible Crypto also highlighted that yesterday's drop has reduced Bitcoin open interest, which is the number of BTC futures contracts outstanding. He said that this means that many traders who used leverage have liquidated, reducing selling pressure.
He added that Bitcoin is still in a strong uptrend, and any dip would be a buying opportunity. Currently, the price of Bitcoin is $35,480 (IDR 554.8 million) with market capitalization reaching IDR 10.8 quadrillion based on CoinGecko data at 17:40 WIB, Wednesday 15 November 2023.