The post Bitcoin (BTC) Price To Ignite Parabolic Rally to hit 6-digit level. Here’s The Time-Line appeared first on Coinpedia Fintech News

Yesterday brought some relief for the market participants, but it was only short-lived.



The bears are hovering over the crypto market, bringing down major cryptocurrencies like Bitcoin, which had dropped more than 7% in the last 24hrs, along with Ethereum.



At the time of reporting, Bitcoin is selling at $18,759 after a drop of 7.16% over the last 24hrs. If the bear action continues, the flagship currency might find immediate support around $18,500 before plunging towards $18,000.



While the market is under bearish correction again, a well-known crypto analyst and trader predicts bullish momentum next year.



The analyst, anonymously known as Credible, informs his 338,500 followers over Twitter that Bitcoin will soon see an end to the bear market and begin a bull rally targeting a six-digit price level.



As per the analyst, Bitcoin has not yet dropped towards $14,000, confirming the currency’s move towards the fifth wave targeting $100,000.




While we have gone lower than expected in terms of price, macro invalidation hasn't been hit (14k) and time-wise we are still right on track for our 5th wave, despite what it may seem. Time-wise, Wave 4 correction is proportional to 3rd wave, just as Wave 2 was to 1st wave. $BTC pic.twitter.com/tbTPRtri1j — CrediBULL Crypto (@CredibleCrypto) September 26, 2022




Credible is well-known for his predictions based on the Elliott Wave theory that predicts the currency’s movement by tracking crowd psychology, mainly based on waves. As per the theory, the first, third and fifth wave points toward an upswing, while the second and fourth indicate a bear market.



Bitcoin Price At $15k Soon



The chart displayed by Credible suggests that Bitcoin might start its bull rally in October when the asset is likely to hit $15,000.




Momentum. Which is why estimates must be within a range- it can vary. I am expecting at least 100k, not 300k+, likely somewhere around 150k-ish. But will know more as PA develops and the move actually starts. — CrediBULL Crypto (@CredibleCrypto) September 27, 2022




Next, the strategist claims that, at the moment, the sentiment is the same as it was during Covid in March 2020, when the market crashed. However, just after the crash, Bitcoin jumped nearly 20 times.




Heard almost exactly the same during the covid crash in March. We went 20x soon after. https://t.co/W44hpSKslQ — CrediBULL Crypto (@CredibleCrypto) September 26, 2022




As Credible wraps up his analysis, he gives out a target for Bitcoin’s short-term rally, which is beyond $22,000. A major cause of this prediction is that the liquidity is accumulating towards the north.




More chop, more sweeps of our local lows, liquidity continues to build to the upside and inefficiency still looms. Most logical move is still up imo. Maybe be take June lows first, maybe we don't- regardless we are going to rip up to fill this void sooner or later. $BTC https://t.co/U5ymcIaemS pic.twitter.com/yxhcr4agHE — CrediBULL Crypto (@CredibleCrypto) September 24, 2022