Bitcoin Price Enters 5th Wave After Decline, Eyes Stronger Breakout Rally
Crypto analyst CrediBULL Crypto has commented on the current Bitcoin price action and revealed what market participants should expect following the rally to a new all-time high (ATH). Based on his analysis, BTC could sustain this rally and record more breakouts to new highs in the coming weeks.
Bitcoin Price Eyes Stronger Breakout Rally In This Fifth Wave
In an X post, CrediBULL Crypto remarked that the Bitcoin price is currently in the Wave 5 impulsive move to the upside, which represents the actual cycle top. In this phase, the analyst expects BTC to witness a stronger breakout rally than what it recorded in the Wave 1 and 3 impulsive moves to the upside.
The crypto analyst made these remarks in relation to his thesis that 2021 was not the cycle top but simply the end of Wave 3 and start of Wave 4’s corrective move. He explained that the strength with which the Bitcoin price rallied off $15,000 in a clean impulse to a new all-time high before the halving and above $100,000 is proof of this.
CrediBULL Crypto stated that the move to Wave 5 took a bit longer than expected, but claimed that this simply means this wave would be even stronger than initially expected. In another X post, the analyst stated that regardless of how this month closes, BTC’s monthly RSI is pushing into overbought territory again, which means that things are about to get “silly.”
He reaffirmed that the Wave 5 is well underway and that the Bitcoin price is approaching the point at which it will soon begin to go parabolic and witness a blowoff top. CrediBULL Crypto added that this will be the “most aggressive expansion” the market has seen on Bitcoin since its inception.
Next Stop Is A Rally To $113,000
Crypto analyst Titan of Crypto stated that the Bitcoin price is approaching the $113,000 level. He alluded to a bull pennant, which he claimed is unfolding beautifully for the flagship crypto. Based on this, he affirmed that BTC is marching towards its projected target of $113,600, which will again mark a new all-time high for BTC.
The analyst also suggested that the Bitcoin price could reach a cycle top sometime in December, meaning that the flagship crypto is set to enjoy months of expansion. His accompanying chart showed that BTC could reach a top of $150,000 by year-end. Veteran trader Peter Brandt also raised the possibility of Bitcoin eventually rallying to between $125,000 and $150,000 in the coming months.
At the time of writing, the Bitcoin price is trading at around $110,500, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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