Analyst Credible shared his strategy on YouTube, examining Bitcoin's short-term fluctuations and long-term bullish outlook.
Consolidation in the $100K-$105K Range
Credible suggests that Bitcoin could consolidate between $100,000 and $105,000 before its next significant upward impulse. He noted that this zone is crucial for BTC to trade sideways, allowing altcoins to find their local bottoms.
Ongoing Correction Phase According to Elliott Wave Theory
According to Credible’s interpretation of Elliott Wave Theory, Bitcoin is currently in a corrective phase following a strong impulse move from $74,000 to $112,000. He noted that this correction can extend as low as $85,000 without breaking the broader bullish trend. The analyst explains that the five-wave structure remains intact, with wave three potentially in progress. His long-term chart projects that this wave could ultimately drive Bitcoin toward $238,000 – its next all-time high target.
Key Support Level at $74K
Despite short-term volatility, Credible maintains that the key threshold for invalidation is $74,000. As long as Bitcoin stays above this level, the macro bullish scenario remains valid. However, a drop below $74,000 would suggest a breakdown of the current wave structure and potentially alter the outlook for the rest of the cycle.
The analysis shows that Bitcoin may experience short-term fluctuations, but the overall bullish outlook remains intact as long as it stays above the key support level of $74,000.
