A widely-followed cryptocurrency strategist has suggested that the price of the flagship cryptocurrency Bitcoin ($BTC) could undergo a parabolic rally to hit $150,000 in the future, based on technical analysis he conducted.<\/p>\n
In a tweet shared with their over 330,000 followers on the microblogging platform pseudonymous analyst Credible Crypto noted that Bitcoin is about to conclude a major corrective period and has the potential to undergo a parabolic rally in the near future.<\/p>\n
Per Credible Crypto, macro invalidation at the $14,000 mark hasn\u2019t been hit, and BTC appears to be \u201cright on track\u201d for a 5th<\/sup> wave to move its price up to $150,000.<\/p>\n Credible Crypto\u2019s analysis was made using Elliott Wave Theory, a theory used in technical analysis to describe price movements in financial markets using crowd psychology manifested in fractal wave patterns.<\/p>\n Elliott Wave Theory was developed in the late 1920s by Ralph Nelson Elliott, who in his research noticed repetitive patterns in asset price charges, appearing in different time frames. Elliott attributed these patterns to crowd psychology and created the theory to identify impulse and corrective waves that show trend patterns.<\/p>\n The theory determines that a major uptrend goes through five distinct waves, where three of them are impulse waves bringing an asset\u2019s price up, while two are corrective waves that bring a cryptocurrency\u2019s price down.<\/p>\n Responding to a user pointing out that markets are bearish and fears of an economic crisis have been pushing asset prices down, Credible Crypto responded that during the COVID-19 pandemic sell-off they also heard a similar narrative, but the price of BTC ended up going up nearly 20x.<\/p>\n In the short-term, the cryptocurrency strategist sees the cryptocurrency\u2019s price rise to the $22,000 mark, as Daily Hodl first reported.<\/p>\n As CryptoGlobe reported, Bloomberg commodity strategist Mike McGlone has recently said that Bitcoin and U.S. Treasury bonds are both dropped to \u201cextreme discounts\u201d amid the Federal Reserve\u2019s hawkish moves to tame inflation.<\/p>\n Year-to-date bonds, stocks, and cryptocurrencies have all plunged while commodity prices rose over macroeconomic factors and Russia\u2019s invasion of Ukraine. The analyst noted that as the Federal Reserve keeps hiking interest rates, investors can expect further corrections down the road.<\/p>\n Despite Bitcoin\u2019s poor performance year-to-date, McGlone has recently reiterated he believes that the price of the flagship cryptocurrency will hit the $100,000 mark. Per the analyst, it\u2019s\u00a0a \u201cmatter of time\u201d until Bitcoin reaches six figures.<\/p>\nImage Credit<\/h2>\n