Bitcoin Prepares for $48,000: Crypto Analyst

Countdown for $48,000 in Bitcoin Begins

Credible Crypto, an anonymous crypto analyst, stated that Bitcoin seemed to hit bottom after touching the rising support line of the ascending flag formation at $33,400. The analyst shared a chart indicating that the largest cryptocurrency will rise to around $39,000 to complete a major third wave move before consolidating above $48,000 in the first two weeks of November:

In the current consolidation structure, multiple lower tops and higher bottoms have formed, and there is only a triangle structure present in the impulse move. This adds more confidence to our wave count from the bottom and also gives us a clear invalidation point ($33,400). If this is correct, our local bottom has formed, and we are about to enter the 5th (red) sub-wave depicted in the chart below.

The analyst’s prediction is based on the Elliott Wave Theory, an advanced technical analysis approach that attempts to predict future price movements by following the crowd psychology that tends to manifest in waves. According to this theory, an uptrend consists of five major waves, each having its own five sub-waves.

At the time of writing this article, Bitcoin is trading at $34,319, breaking out of the ascending flag formation indicated by Credible Crypto. Let’s also note that the third wave is currently moving towards approximately $39,000 for the fifth sub-wave.

Bitcoin Prepares for Parabolic Move

While technology stocks appear to be in a slump, BTC has emerged from a several-month consolidation structure and wants to become parabolic.