tl;dr
A popular analyst known as Credible Crypto predicts Bitcoin is entering the final phase of a bullish cycle and expects significant price increases. Using Elliott Wave theory, the analyst says Bitcoin is in the fifth and final wave of the main upward trend, with the monthly Relative Strength Index (R...
A popular analyst known as Credible Crypto predicts that Bitcoin is entering the final and most aggressive phase of its current bullish cycle, expecting a parabolic price surge reminiscent of 2017's peak. Using Elliott Wave theory, Credible Crypto identifies Bitcoin as being in the fifth and final wave of the main upward trend.
The analyst notes that the monthly Relative Strength Index (RSI) is entering overbought territory, historically a precursor to significant price increases. Previous overbought RSI signals on the monthly timeframe corresponded with major price jumps to $22,200 and $33,000 respectively.
Currently, Bitcoin is trading at an impressive $111,296. Credible Crypto explains that the Elliott Wave theory suggests the price movement follows a five-wave pattern during a main trend, followed by a three-wave corrective pattern. The analyst emphasizes, “Regardless of how this month closes – the fact that our monthly RSI is pushing into overbought territory once again means that things are about to get silly.”
He further forecasts that the final fifth wave is well underway and this stage will likely bring a parabolic rise and a blow-off top not seen since 2017, marking the most aggressive expansion in Bitcoin’s history.
The RSI, ranging from 0 to 100, signals overbought conditions above 70 and oversold conditions below 30. According to Credible Crypto, the price climbs tied to RSI overbought signals were significant, and he questions whether the current stage will exceed previous rallies.
This bold analysis comes as Bitcoin trades strong, leaving investors to watch closely whether this aggressive cycle will indeed push prices to new heights.