Bitcoin Set for 52% Surge, Bullish Trend to Peak Under $300K

Bitcoin, the world's leading cryptocurrency, is poised for a significant price surge, according to a popular crypto analyst. In a recent video, the analyst, known as Credible Crypto, predicted that Bitcoin could rally by at least 52% from its current level once the ongoing consolidation phase ends. This potential move would be part of the fifth wave of a bullish trend, as per the Elliott Wave theory, which suggests that the main trend of an asset's price moves in a five-wave pattern while corrections occur in a three-wave pattern.

Credible Crypto believes that the upcoming rally could be the most aggressive move Bitcoin has seen in the past seven years. He stated, "The moves to the upside as we go up here should get even more aggressive than the move from $58,000 to $90,000 because this is essentially the parabolic blow-off top, the final fifth wave of the fifth wave of the cycle that started back when Bitcoin was at $3,000 in 2018."

The analyst set a minimum target of $150,000 for Bitcoin, which he expects to be broken in the next wave up, followed by some consolidation and a final fifth wave. Although he is unsure about the exact peak, he believes it could reach somewhere under $300,000.

At the time of writing, Bitcoin is trading at around $98,500. However, Credible Crypto warns that Bitcoin could first drop to levels last seen in November 2020 without altering the bullish market structure he foresees. He reassured investors, "So people that are freaking out if we do get a move into the $80,000, you should not be. That’s totally healthy and fine. Even the $70,000 is fair game, although I don’t think that we will necessarily get that now."