Crypto investors are buzzing with excitement as Bitcoin (BTC) is experiencing a meteoric rise. According to pseudonymous analyst "Credible", the prevailing market conditions, coupled with Bitcoin's consolidation period that lasted longer than the previous two years, point to a massive rally providing a near-term all-time high.

The Elliott Wave Theory, an advanced form of technical analysis, is a popular tool used by market analysts in order to predict and understand crowd behavior, regularly perceived as market trends in a series of up and down waves. Credible is among the many analysts that utilizes this theory in order to forecast the future course of action. The analyst believes that Bitcoin is already moving in a five-wave uptrend streak and that it has now embarked on an expansive fifth wave. With the Elliott Wave Theory, the first, third and fifth periods are what typically account for rising prices, leading some to believe that with the current conditions in place, Bitcoin's price could feasibly skyrocket to as high as $130,000 before the year is out.

Furthermore, Credible also argues that the long consolidation period between June and December of 2022 was integral in creating a stable base for the fourth wave. Credible claims that the low volatility "boredom" that lasted through these months prior is an essential part of the process and resulting expansiveness - which will likely set the stage for a subsequent surge in prices. At present, Bitcoin is trading at$28,181, and while recent events indicate bullish tendencies, market analysts are still unsure if a hit to the all-time high is an attainable goal. Achieving $130,000 at this point may be a long shot, but if the fifth wave holds up, this dream may become a reality.



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