Yesterday brought some relief for the market participants, but it was only short-lived.
Bears are hovering over the cryptocurrency market, bringing down major cryptocurrencies like Bitcoin, which along with Ethereum are down more than 7% in the past 24 hours.
At the time of reporting, Bitcoin is selling at $18,759 after a drop of 7.16% over the last 24hrs. If the bear action continues, the flagship currency might find immediate support around $18,500 before plunging towards $18,000.
While the market is again bearish, a renowned crypto analyst and trader predicts a bullish momentum next year.
The analyst, anonymously known as Credible, informs his 338,500 followers over Twitter that Bitcoin will soon see an end to the bear market and begin a bull rally targeting a six-digit price level.
According to the analyst, Bitcoin has yet to drop towards $14,000, confirming the currency’s move towards the fifth wave targeting $100,000.
Credible is well-known for his predictions based on the Elliott Wave theory that predicts the currency’s movement by tracking crowd psychology, mainly based on waves. As per the theory, the first, third and fifth wave points toward an upswing, while the second and fourth indicate a bear market.
bitcoin price soon $15k
The chart displayed by Credible suggests that Bitcoin could begin its bull rally in October, when the asset is likely to reach $15,000.
Next, the strategist claims that, at the moment, the sentiment is the same as it was during Covid in March 2020, when the market crashed. However, just after the crash, Bitcoin jumped nearly 20 times.
As Credible concludes his analysis, he has given a target for bitcoin’s short-term rally above $22,000. A major reason for this prediction is that liquidity is accumulating north.
