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October 31, 2023

Bitcoin's Potential Parabolic Surge: Analysis by Credible Crypto

Emily Tremblay
Written byEmily TremblayWriter
Researched byNikos PapadopoulosResearcher

Introduction

A pseudonymous analyst known as Credible Crypto believes that Bitcoin (BTC) is preparing for a parabolic surge. With a growing following, Credible Crypto shares his insights on social media platform X.

Bitcoin's Potential Parabolic Surge: Analysis by Credible Crypto

BTC's Local Bottom

Credible Crypto points out that BTC has likely reached a local bottom after touching the diagonal support of a bullish pennant pattern at $33,400. He shares a chart indicating that BTC will first rally to around $39,000 to complete its major third-wave surge.

Elliott Wave Theory

Credible Crypto practices the Elliott Wave theory, a technical analysis approach that predicts price action based on crowd psychology. According to this theory, a bullish asset goes through five major waves, each consisting of five sub-waves.

BTC's Potential Upside

Credible Crypto's chart suggests that BTC has broken out of its bullish pennant pattern and is on its way to reaching approximately $39,000 for the sub-wave five of wave three. He also notes that Bitcoin has been outperforming tech stocks and appears ready for a significant upward movement.

Conclusion

Based on Credible Crypto's analysis, Bitcoin is showing signs of a parabolic surge. With BTC breaking out of its consolidation structure and outperforming tech stocks, investors may want to consider the potential upside of Bitcoin in the coming weeks.

About the author
Emily Tremblay
Emily Tremblay
About

Emily, a dynamic blend of tech-savvy and casino enthusiast, hails from the snowy landscapes of Canada. With her innate grasp of cultural nuances, she ensures online casino guides resonate deeply with Canadians. Emily's spirited and engaging nature makes her a favourite among peers.

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