Bitcoin (BTC) lost nearly 10% of its valuation starting late on January 5 leading to a new month low of $42,761. The top cryptocurrency has been consolidating below $50K for nearly a month now, and critics belive like every previous cycle we have topped the market in October and the price might only go lower from here. However, prominent crypto analyst Credible Crypto belive otherwise and said that BTC is currently months away from the market top.
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Credible Crypto in his new analysis video talked about major possible factors from the past along with the market cycle that Bitcoin is currently following. Starting, the analyst indicated that we are currently in the fourth price wave of the bull cycle where every bull cycle has seen at least five.
My macro bullish thesis in a chart. For the full version summed up in a short 20 minute Youtube video, check the link below 👇 $BTC
— Credible Crypto (@CredibleCrypto) January 6, 2022
The analyst pointed out that after every bull cycle and all-time-high the market sees a massive correction over 80-90%. However, after each bull cycle, the price drop never touches the previous cycle’s ATH, and by that theory, a fall from the current BTC top would put it below $20K, lower than the 2017 ATH. He also pointed out that with each bull cycle the price drop after an ATH has contracted.
Analyst predicts $100K Bitcoin market top
After dismantling the earlier theories of a possible market top in December, Credible crypto went on to focus on the current market trend and how BTC is slated for a fifth wave where each wave creates a new ATH before seeing a slide off just above the previous wave’s high. BTC is currently at the top of the fourth wave and sees a correction from the top that could go as low as $41K, but the fifth wave is expected to top at $105K and then we will see a market top.
Credible crypto said that the fourth wave would form a triangle price pattern and a breakout from it would lead to the fifth wave.
Bitcoin was trading at $43,063 at the time of writing with a 7% decline over the past 24-hours.