The Coin Leaks News: Bitcoin (BTC) might not fall below $30,000, but instead, it could rise to $100,000 before making its way to its lowest.
This was the view of the popular trading expert Credible Crypto, who, on May 2, posted an update on the way BTC price movement could unfold.
Trader prepares for lows that will be “left to rot”
With increasing voices are calling for a significant reduction in the BTC/USD price, positive perspectives for bulls are limited to the long-term due to macro-economic factors.
In the case of Credible Crypto, however, it could shock the market and continue its upward momentum to record highs, and even six figures.
The reason for this is due to the historical context. In the past like in the year 2019 Bitcoin was able to return to the upside even though markets were anticipating an event of capitulation. It was able to break through the anticipated lows later, for instance in March 2020, after having seen a macro top so there is an opportunity to think that the next time will be similar.
In a YouTube video, using Elliott Waves, Credible Crypto therefore mapped out a move to a new top macro that could be around $100,000 to $200,000 in BTC/USD, before the drawdown, which will take the liquidity to $30,000 or less.
“These lower lows, which have been building up aren’t need to consider them right now We could keep climbing for five waves,” he explained.
He also said that it was “nothing wrong” in predicting a complete run-through of lows following November 2021’s all-time record highs.
“But again, based on market context and everything else that I’ve seen, I think that’s a little bit more unlikely; I think it’s a lot more likely that we leave these lows untapped and simply continue up.”
Capitulation “may not happen”
The same conclusion was the basis for research conducted by the on-chain analysis platform CryptoQuant on the 3rd of May.
Examining the decline in exchanges’ liquidity One contributor to CryptoQuant’s Quicktake series suggested that traders weren’t preparing themselves for the possibility of a “capitulation” as well as a wave of buying.
Inflows “dropped significantly” following January of this year, and outflows remained in with a rising trend.
“Therefore If markets continue to rise in the same way as the media forecasts it to be and no major circumstances occur suddenly (unpredictable) the crab could be repeated, however, the capitulation might not happen,” the contributor summarized.