A prominent Bitcoin analyst believes the cryptocurrency needs one final leg down before sparking a massive surge to $230,000. Credible Crypto, a pseudonymous YouTube personality with 67,800 subscribers, is known for his timely predictions using the Elliott Wave theory.
According to Credible Crypto, Bitcoin is currently in a corrective wave two within a five-wave rally. He predicts that BTC could retrace to below $80,000 before experiencing a violent burst upwards. The key takeaway from his chart is that this sub-wave two can potentially go lower without affecting the higher time frame structure.
Credible Crypto warns that any move downwards must be above $58,000, or it could harm the overall structure. He expects the upward moves to become even more aggressive as Bitcoin approaches its “parabolic blow-off top”. This final wave should be the most aggressive in the cycle.
The analyst sets a minimum end-of-cycle target at $150,000, but predicts BTC could reach as high as $230,000. Currently, Bitcoin is trading at $97,987.
Source: https://dailyhodl.com/2025/02/11/crypto-trader-predicts-final-drawdown-for-bitcoin-before-igniting-the-most-aggressive-move-of-the-bull-market