An analyst and trader who is widely respected believes that Bitcoin (BTC), after hitting an all-time record high, will continue to rise.
Credible Crypto is a pseudonymous analyst who told his 467.200 social media followers that Bitcoin has entered the last phase of a bullish trend.
Credible Crypto who uses the Elliott Wave Theory in his analysis regularly, believes that Bitcoin is currently in the last wave of its main bullish trend. According to the Elliott Wave Theory, the trend in the price movement of an asset is a five wave pattern. A correction follows a three wave pattern.
“Whatever the end of this month, our Relative Strength Index is once again pushing towards overbought territory. This means things are going to get ridiculous.
We are now in the final [wave] and will be witnessing a parabolic top that we haven’t seen since 2017
“This will be the most aggressive expansion of Bitcoin since its inception.”
The RSI oscillator is a momentum indicator calibrated between zero and 100. A reading above 70 indicates overbought situations, while a reading below 30 signals oversold circumstances.
The pseudonymous expert claimed that Bitcoin’s price soared when the RSI on the timeframe of the month reached excessive levels.
Is this candle going to be bigger than the previous two? With around 10 days left until the close of the month, we are currently at $18,000. .”
Bitcoin currently trades at $111 296 as of the time this article was written.
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Sources of Images include Pixabay Creative Commons & Midjourney
This article titled ‘Things are about to get silly’: An analyst says Bitcoin is on the cusp of most aggressive expansion since its inception first appeared on The ICD.
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