Benzinga - A pseudonymous crypto analyst predicts a substantial upswing in the prices of Bitcoin (CRYPTO: BTC), indicating that the apex cryptocurrency is preparing for a parabolic surge.
What Happened: Credible Crypto on Sunday said Bitcoin seems to have discovered a local bottom, touching the diagonal support of a bullish pennant pattern at $33,400.
See Also: Bitcoin, Ethereum, Dogecoin Retrace But Volume Wanes: A Look At Cryptos Into The Weekend
The analyst’s predictions are based on the Elliott Wave theory, a method of technical analysis that forecasts future price movements by considering crowd psychology.
The trader anticipates that Bitcoin will rally to approximately $39,000 as part of a third-wave surge. After a period of consolidation, it could potentially rally above $48,000 in the first half of November.
The current consolidation structure is forming a series of lower highs and higher lows- a triangle structure which, in an impulsive move, is only found in the 4th wave.This adds further credence to our count off the bottom and gives us a clear invalidation point (33.4k) as… https://t.co/nWlslxaQsA pic.twitter.com/e56beDjK2T
— CrediBULL Crypto (@CredibleCrypto) October 29, 2023
"The current consolidation structure is forming a series of lower highs and higher lows – a triangle structure which, in an impulsive move, is only found in the 4th wave. This adds further credence to our count off the bottom and gives us a clear invalidation point ($33,400) as well. If this is correct, our local bottom is in and we are about to launch into the 5th (red) sub-wave pictured in the ‘map' below."
Why It Matters: Another analysis of the trajectory of Bitcoin by a well-known crypto analyst highlighted a trend of diminishing returns for the apex cryptocurrencies.
This observation by Coin Bureau’s Guy Turner was based on a method of analyzing historical gains through key zones of support and resistance.
Price Action: At the time of writing, BTC was trading at $34,224.69, up 0.81% in the last 24 hours, according to Benzinga Pro.
Photo via Shutterstock
Read Next: Bitcoin Just Hit $31,000: What’s Going On?
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