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Bitcoin Rally Is Imminent Despite The Latest Market Pullback

An important crypto analyst said that he expects Bitcoin to pull off an explosive rally following Bitcoin’s latest correction. Check out the latest news about all this below.

Accoridng to the latest reports, the pseudonymous crypto strategist Credible said he expected Bitcoin to retrace from $22,000 to around $19,000 before igniting a massive rally to his target above $30,000.

“Was expecting a rejection from red and looking for a move down.”

The analyst agrees with he Elliott Wave theory

Credible agrees with the Elliott Wave theory, a technical analysis approach attempting to predict future price action by following crowd psychology that tends to manifest in waves.

Bitcoin is currently trading at $19,824, and BTC appears close to hitting Credible’s downside target for his plotted wave two corrective move.

In a recent video, the crypto analyst said a pullback to around $19,000 is healthy for BTC. This would reportedly enable Bitcoin to print a bullish higher low setup.

“A retracement that deep is okay. A retracement that deep keeps the bullish count intact. And after retracing that deep and putting in a higher low, if you manage to come back above these highs and break $22,000, it’s likely… that this [correction] was a wave two and we’re getting a stronger wave to the upside.”

He continued and said the following:

“In that case, we’re likely to rip past above the red region and confirm again as from my last video that our bottom is likely in.”

He also said this:

“And we’ll see that develop likely into a larger impulsive structure. And at that point, reversal is well underway.”

Bitcoin is in an accumulation phase

A popular crypto analyst and trader says that Bitcoin’s (BTC) bear market could be nearing its conclusion.

In a new strategy session, Benjamin Cowen said that he’s looking at Bitcoin’s running return on investment (ROI) and comparing its current performance against the 2018 and 2014 bear cycles.

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