A popular crypto strategist, known as Credible Crypto, believes Bitcoin is laying the groundwork for a significant move toward new all-time highs.
In his latest YouTube strategy session, the analyst outlined potential short-term fluctuations while maintaining a strong bullish outlook.
$100K Consolidation Could Spark Breakout
Credible suggests that Bitcoin could consolidate between $100,000 and $105,000 before its next major upward impulse. This zone, he says, is a crucial area where BTC could trade sideways, allowing altcoins to find their local bottoms.
In a more bearish—but still bullish—scenario, Bitcoin might dip into the $92,000–$95,000 range before bouncing. He emphasized that even a move down to $85,000 would not invalidate the broader bullish market structure, as long as BTC remains above the $74,000 origin of its recent rally.
Elliott Wave Theory Suggests Correction Still Ongoing
According to Credible’s interpretation of Elliott Wave Theory, Bitcoin is currently in a corrective phase following a strong impulse move from $74,000 to $112,000. He notes that this correction can extend as low as $85,000 without breaking the broader bullish trend.
The analyst explains that the five-wave structure remains intact, with wave three potentially in progress. His long-term chart projects that this wave could ultimately drive Bitcoin toward $238,000—its next all-time high target.
Critical Level at $74K Defines the Bull Case
Despite short-term volatility, Credible maintains that the key threshold for invalidation is $74,000. As long as Bitcoin stays above this level, the macro bullish scenario remains valid.
However, a drop below $74,000 would suggest a breakdown of the current wave structure and potentially alter the outlook for the rest of the cycle.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/bitcoin-eyes-new-all-time-highs-amid-key-consolidation-zone/