Bitcoins upcoming surge may propel BTC to 100K within a month
Bitcoin (BTC) has been range-bound for the past four months, causing uncertainty among investors. However, a well-known trader named Credible Crypto believes that Bitcoin could reach $100,000 within 30 days after the next upward movement.
Credible Crypto, who now goes by CrediBULL Crypto due to his bullish bias, remains optimistic about Bitcoin’s future. In a recent post on X, he reiterated his positive outlook and made a bold price prediction.
He specifically pointed out Bitcoin’s previous upward movement, which took the cryptocurrency’s price from $38,514 to $73,805. This initial movement lasted for 50 days and resulted in a 91% gain from January 23 to March 13.
CrediBULL Crypto’s forecast is based on the Elliott Waves theory, a popular trend analysis tool among technical analysts. According to this theory, a bull market consists of five waves, with three of them being “impulse” waves. Typically, the third wave is the most aggressive and leads to higher gains in a shorter period of time.
With Bitcoin currently trading at $64,260, a rally to $100,000 would result in a 55% gain, which is lower than expected. However, the $100K level holds significant psychological resistance and is a target that many investors are eagerly anticipating. This could create selling pressure in that price zone, slowing down the third wave.
Interestingly, other traders have already planned their exit strategy and have set their sights on the $130,000 level as an initial target. Some, like Alan Santana, believe that the upward trend could continue to $150,000 per BTC.
However, Bitcoin has also shown signs of weakness from a fundamental perspective. Miners, for example, have been selling their holdings at a faster pace after operating at a loss for years. Therefore, the success of these forecasts will depend on positive developments and improvements in Bitcoin’s fundamentals, as it faces strong competition from other cryptocurrencies.
Disclaimer: The content on this site should not be considered investment advice. Investing in Bitcoin is speculative, and there is a risk of losing your capital.