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Bitcoin (BTC) has been trading in a four-month consolidation range since February 28, which has brought uncertainty to investors. However, a prominent trader, Credible Crypto, believes Bitcoin could reach $100,000 in 30 days after the next impulse starts.
The professional analyst, who now goes by CrediBULL Crypto due to his current bullish bias, still foresees a bright future. According to a recent post on X, the trader doubled down on his positive outlook, making a bold price prediction.
In particular, he highlighted Bitcoin’s previous impulse, which sent the leading cryptocurrency‘s price from $38,514 to $73,805. Notably, this first impulse lasted 50 days, with 91% gains accrued from January 23 to March 13.
Bitcoin price analysis and the $100K target
“The impulses that follow should be even more aggressive, and we are trading at 64k. Our next impulse could send us to 100k within 30 days, and we still have around 6 months left till EOY.”
– Credible Crypto (CrediBULL Crypto)
Credible Crypto‘s forecast is based on the Elliott Waves theory, which is popular among technical analysts in trend analyses. The theory says that a bull market is made of five waves, of which three are “impulse” waves. Usually, the third wave is the most aggressive, making for higher gains in a shorter time frame.
With Bitcoin trading at $64,260, a rally to $100,000 would result in 55% gains, lower than expected. However, the “$100K” level marks an important psychological resistance and a target that many investors look forward to reaching. This could create selling pressure in this price zone, slowing down the third wave.
Interestingly, competing traders have already planned their exit strategy, eyeing the $130,000 level as an initial target. Others, like Alan Santana, believe in an uptrend continuation to $150,000 per BTC.
On the other hand, Bitcoin has shown signals of weakness from a fundamental perspective. For example, miners have been capitulating, selling at a higher pace after years of operating underwater. Therefore, these analysts’ projections will depend on positive developments and fundamental improvements for the leading cryptocurrency that faces strong competition.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.