Bitcoin is on the verge of hitting all-time highs faster than anyone expects, says a popular analyst – here’s his timeline

One closely followed analyst says Bitcoin (BTC) will make a run to all-time highs much sooner than anyone thinks.

While most in the crypto space are anticipating an extended period of consolidation ahead of the next bull run, pseudonymous analyst Credible Crypto tells his 456,000 Twitter followers that Bitcoin will break the six-figure mark before the end of the year.

The analyst shows his 339,000 Twitter followers two scenarios on a chart, one he thinks the majority of market participants are expecting and one he says is more likely to materialize.

He says traders are likely putting too much stock in Bitcoin’s halving, which is scheduled for April next year and historically coincides with BTC market cycles. According to him, the price of BTC will drive the halving cycle this time.

“On CT (Crypto Twitter) there is almost a consensus that this rally will end in the 30,000-40,000 years and give everyone 6+ months to accumulate before we head off to the new ’24-’25 Do ATH (Half Cycle Theory).

The collapse of 30,000 was triggered by an unprecedented wave of black swan events causing a mass [liquidations] and Panic Selling – I seriously doubt that once we regain those levels we’ll just hang around and let anyone who was panic selling comfortably take their time and reload for the ride to 70k+. Things just don’t work that way.”

Source: Credible Crypto/Twitter

Credible Crypto uses Elliot Wave theory, which depicts price action in a series of waves based on crowd psychology. According to the theory, upward price impulses occur in five main waves, and according to the trader, BTC is in the middle of its fifth and final wave.

“Our 5th wave is in full swing and it is a beautiful sight. If you’ve been watching from the sidelines, don’t worry, I think there are still plenty of opportunities ahead.”

At the time of writing, BTC is trading at $30,214, up 8% over the past week.

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