A popular crypto trader thinks Bitcoin (BTC) will reach its cycle top much sooner than many other digital asset analysts expect.
The pseudonymous analyst known as Credible Crypto tells his 364,200 followers on the social media platform X that he believes BTC has been in the same cycle since 2018 and is headed towards a blow-off top before 2025.
Blow-off tops involve dramatic price and volume increases to a point, followed by dramatic decreases.
Credible Crypto’s theory clashes with the popular four-year cycle theory that suggests Bitcoin started its most recent bull cycle in late 2022 and will top out in 2025/2026.
The analyst noted in late December that he expects BTC to surge to a new all-time high in the first quarter of this year and break $100,000 in mid-2024, which he thinks will correspond with the end of Bitcoin’s current parabolic run.
“In the coming months I expect further continuation upwards, at a more aggressive pace than we have seen thus far, as we build up to what will be a blow-off top for the books to conclude this multi-year cycle.”
Credible Crypto thinks “the first major secular Bitcoin bear market” will begin by 2025, catching many in the crypto space off guard.
BTC is trading at $46,398 at time of writing.
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- Source: https://dailyhodl.com/2024/01/11/bitcoin-blow-off-top-unfolding-sooner-than-market-expects-says-crypto-trader-heres-why/
