Expert Analyst Transfers Bitcoin Price Forecast with Bullish Cycle Thesis

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The leading cryptocurrency, Bitcoin, has lost more than 10% in value in the last 24 hours, falling to a monthly low of $ 42,761. BTC has been consolidating below $50,000 for about a month.

Expert Analyst’s BTC Evaluation

Leading crypto analyst Credible Cyrpto made critical comments on behalf of the leading cryptocurrency Bitcoin. The experienced name talked about the important possible factors of the market cycle followed by Bitcoin from historical data in his new analysis video. To begin with, the analyst stated that we are currently in the fourth of the five action waves recorded by every bull cycle seen in the past.

However, the price drop after each bull cycle never touched the ATH of the previous cycle, and the theory is that the drop from the current BTC peak has yet to fall below $20,000, which is lower than the 2017 ATH. It is also stated that the price drops after an ATH move in each bull cycle.

$100,000 Comment

The successful analyst is focused on a fifth wave, which is the thesis of his analysis on Bitcoin price. BTC is currently at the top of the fourth wave and the cycle is seeing a correction lasting up to $41,000. However, the fifth wave is expected to reach $105,000. Credible Crypto believes that the fourth wave will form a triangle pattern and a breakout from there will lead to the fifth wave.

Market General Situation

The fact that the flagship of the crypto money market, Bitcoin, recorded double-digit losses, put the altcoin market in the red. Many altcoins have been pushed to critical support points or lows. The image of BTC in the negative zone has pulled the cryptocurrency market value up to $ 2 trillion. The largest altcoin Ethereum slumped as low as $3,300 with daily losses of over 12%.