Bitcoin Poised for Intensified Growth: Analyst Predicts Most Vigorous Expansion since Origin

In a recent development, the popular cryptocurrency analyst known as Credible Crypto has shared his insights, predicting that Bitcoin is set to rise further after reaching a new record high. Speaking to his over 460,000 followers on social media platform X, the analyst, who employs the Elliott Wave theory, suggests that Bitcoin is in the final stage of an ongoing bullish cycle.

According to Credible Crypto, Bitcoin is currently experiencing the final wave of its main bullish trend. The Elliott Wave theory posits that the market trend of an asset moves in a five-wave pattern, with corrections taking place in a three-wave pattern. By applying this theory to Bitcoin's price movement, the analyst believes that the digital asset is nearing its most aggressive expansion since its inception.

In his analysis, Credible Crypto pointed out that the Relative Strength Index (RSI), a momentum oscillator, is showing signs of overbought conditions on the monthly time frame. Despite this, the analyst believes that things will get "silly" as Bitcoin approaches a blow-off top, reminiscent of the peak observed in 2017. The analyst claims that the monthly candle that would break Bitcoin into overbought territory could potentially surpass the previous two significant increases, which were recorded at $22,200 and $33,000, respectively.

Bitcoin was trading at $111,296 at the time of writing. The pseudonymous analyst's predictions for Bitcoin follow a string of optimistic forecasts from other experts, with some predicting record highs for Bitcoin by the end of 2025. Factors such as improved regulatory environment, technical support levels, and growing institutional support contribute to the bullish outlook.

As the cryptocurrency market continues to evolve, analysts and traders alike will closely watch Bitcoin's price action, seeking to capitalize on potential opportunities. In a dynamic and rapidly changing industry, staying informed is crucial for both investors and enthusiasts. For more updates on the world of finance, sign up for email alerts, explore The Daily Hodl's offerings, and follow us on X, Facebook, and Telegram.

disclaimer: The Daily Hodl provides this information for educational purposes. Investors should thoroughly research any higher-risk investments they are considering. The potential losses an investor may incur are their responsibility. The Daily Hodl also participates in affiliate marketing and may have a financial interest in the cryptocurrencies or services it write about.

[source image: Midjourney]

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Bitcoin Poised for Intensified Growth: Analyst Predicts Most Vigorous Expansion since Origin