Bitcoin Is Still In A Massive Rally Despite Recent Corrective Move

It has been just revealed that Bitcoin is still in a massive rally despite the recent corrective move. Check out the latest reports about the matter below.

A cryptocurrency analyst who has been making accurate Bitcoin (BTC) predictions recently still believes that the leading cryptocurrency is on track for a major surge despite the drop it experienced yesterday.

Credible Crypto, in a new video update, informed his 351,400 followers on X that Bitcoin may now be in the final stages of a corrective wave four movement after hitting a daily low of around $35,266.

The analyst notes that Bitcoin is preparing to complete its wave four structure by forming an ascending triangle pattern on a lower time frame.

“More likely, I think it’s probably going to end up like [an ascending triangle]. That makes a lot of sense to me. Because again, triangles are often found in wave fours… That would look something like [a consolidation] here like an ascending triangle and then rip to the upside. That may be what we’re getting here at the moment…”

He continued and said the following according to the notes coming from the Daily Hodl:

“It can take different shapes and forms but that makes a lot of sense here and then just continuation.”

Many traders use various methods to analyze the market and predict future price trends. One of these methods is the Elliott Wave theory, which is based on the idea that market trends follow a pattern of crowd psychology.

According to this theory, a bullish asset goes through a five-wave rally, consisting of three upward-moving waves and two periods of consolidation.

Credible Crypto also uses this theory in his technical analysis. He believes that a break of the $38,000 level would signal the end of wave four and push BTC toward his target at around $44,000.

Moreover, Credible Crypto notes that yesterday’s pullback has significantly reduced the amount of Bitcoin open interest, which tracks the total number of outstanding BTC futures contracts.

He believes that with excessive leverage out of the picture, BTC is now in a position to start moving upward.