There are more and more optimistic predictions about the price of Bitcoin these days. Check out the latest ones about BTC and ETH.
There’s a popular crypto strategist and trader who is predicting a prolonged correction for Bitcoin as altcoins position for a major price rally.
Bitcoin is in the middle of 4th correction wave
Pseudonymous trader Credible just said that Bitcoin is in the midst of a wave 4 correction and could take two possible paths before igniting the last big rally of its bull cycle.
“19 months later, and here we are. It really doesn’t matter what type of structure this Wave 4 forms. The purpose is the same: re-accumulation before the 5th and final wave of this bullish cycle.”
The trader relies on the Elliott Wave theory which is a technical analysis approach that predicts future price action by following crowd psychology that tends to manifest in waves.
The analyst said that Bitcoin’s fourth wave – the final corrective move before BTC’s last major leg up – could take the form of a large symmetrical triangle.
Bitcoin is going through a reaccumulation phase, and the analyst also said says altcoins are primed to rally spearheaded by smart contract platform Ethereum.
“As long as ETH/BTC holds this level we are setting up for some major bullish action on alts.”
Looking at Ethereum against the US dollar, Credible says ETH must reclaim $4,770.
He also believes that otherwise, a rejection around current prices could start a sell-off event that drives the value of ETH below $4,000.
“We are seeing some relief here, but as we approach $4,400 ETH. it’s time to be cautious. I’ve locked in some gains here. If we manage to clear the zone, we are probably good to go to new ATH (all-time high), but if we reject, we could see a drop back to mid-$3,000 or lower.”
Stay tuned for more news.