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Cryptocurrency analyst Credible reveals the path for Bitcoin to reach a new ATH next month.
Cryptocurrency analyst Credible, who has accurately predicted Bitcoin in the past, is drawing attention as he outlines a scenario in which it could break out of the sideways trend and surge to a new all-time high.
Credible has shared with 468,700 followers on the social media platform X that Bitcoin seems to be following the Elliott Wave model (EW), in which BTC will consolidate in the coming weeks before exploding at the end of July.
Elliott Wave theory is an advanced technical analysis method aimed at predicting future price movements by tracking crowd psychology, which often occurs in repeating wave patterns.
Credible announced:
"BTC has held up very well in recent days. As mentioned in the previous update, I believe we will test the green area sooner or later, regardless of whether that happens before or after reaching the local highs.
From an EW perspective, such a scenario would be ideal. Although there are several other structures that we can observe to complete this adjustment, structures that lead to tighter compression before expansion are always prioritized, as significant reductions in volatility/compression often lead to a stronger subsequent breakout.
We should focus on the important levels (the green zone and the highs within the range) as areas that need to draw attention.
Regarding the altcoin market, Credible noted that they will witness strong rallies despite concerns about liquidity. According to the analyst, cryptocurrency investors previously had the same liquidity concerns about Bitcoin when it traded below 30,000 USD, and now BTC is valued at 108,417 USD.
"Don't worry about 'where the liquidity will come from' for altcoins."
At this stage, the cryptocurrency market is like a teardrop in the ocean – there is a lot of liquidity out there.
Mr. Teacher