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October 31, 2023

Bitcoin's Potential Parabolic Surge: Analysis by Credible Crypto

Ethan Williams
Written byEthan WilliamsWriter
Researched byNikos PapadopoulosResearcher

Introduction

A pseudonymous analyst known as Credible Crypto believes that Bitcoin (BTC) is preparing for a parabolic surge. With a growing following, Credible Crypto shares his insights on social media platform X.

Bitcoin's Potential Parabolic Surge: Analysis by Credible Crypto

BTC's Local Bottom

Credible Crypto points out that BTC has likely reached a local bottom after touching the diagonal support of a bullish pennant pattern at $33,400. He shares a chart indicating that BTC will first rally to around $39,000 to complete its major third-wave surge.

Elliott Wave Theory

Credible Crypto practices the Elliott Wave theory, a technical analysis approach that predicts price action based on crowd psychology. According to this theory, a bullish asset goes through five major waves, each consisting of five sub-waves.

BTC's Potential Upside

Credible Crypto's chart suggests that BTC has broken out of its bullish pennant pattern and is on its way to reaching approximately $39,000 for the sub-wave five of wave three. He also notes that Bitcoin has been outperforming tech stocks and appears ready for a significant upward movement.

Conclusion

Based on Credible Crypto's analysis, Bitcoin is showing signs of a parabolic surge. With BTC breaking out of its consolidation structure and outperforming tech stocks, investors may want to consider the potential upside of Bitcoin in the coming weeks.

About the author
Ethan Williams
Ethan Williams
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Ethan Williams, a lively 24-year-old lad from the UK, brilliantly fuses his passion for online casinos with top-notch English localisation, creating bespoke casino guides for Britain's keen gaming lot.

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