Crypto Strategist Predicts Bitcoin Rally to $238,000

A prominent crypto strategist, known for his accurate Bitcoin predictions, has suggested that the cryptocurrency is poised for a significant rally, potentially reaching new all-time highs. The analyst, who goes by the pseudonym Credible, shared his insights in a recent strategy session with his 70,500 YouTube subscribers. According to Credible, if demand for Bitcoin increases, it could consolidate above $100,000 before embarking on the next leg of its upward journey.

Credible also noted that even if Bitcoin were to drop to $92,000, its bullish market structure would remain intact. He outlined a scenario where Bitcoin could consolidate in the $100,000 to $105,000 range before making a significant upward move. In this scenario, Bitcoin would essentially trade sideways while other altcoins experience a slight decline, potentially hitting ideal buy zones.

However, Credible cautioned that while Bitcoin is setting the stage for new highs, there is still a possibility that it could plummet below $90,000 or even $80,000, according to the principles of Elliott Wave Theory. This theory suggests that a bullish asset typically experiences a five-wave rally, with waves one, three, and five moving upward, and waves two and four being corrective periods. Credible explained that the current correction is not yet complete, and Bitcoin could potentially drop to $97,000, $91,000, or even $85,000 without invalidating the bullish outlook, as long as it remains above the origin of $74,000.

Credible's analysis suggests that Bitcoin is currently in the midst of a major wave three rally, which began when the cryptocurrency dropped to $74,000 in April. He predicts that this rally could continue toward a new all-time high of $238,000. However, he warns that this outlook would be invalidated if Bitcoin were to drop below $74,000. At the time of writing, Bitcoin was trading at $105,379.