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- Bitcoin is expected to make one big jump after the halving event, then record a multi-year bearish run that could push “junk” assets out of the market.
- According to the analyst, the extended bearish run could start after Bitcoin hits $180k.
Bitcoin (BTC) is still enjoying its rally as the asset makes a 58.76% surge in the past three months to trade at $43,086.93. The asset has extended its 24-hour surge to 4.7% while maintaining a positive price gain of 2.9% in the seven days.
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Interestingly, many expect the bullish trend to continue amid the potential approval of the spot Bitcoin Exchange-Traded Fund (ETF) and the much anticipated Bitcoin halving event in the second quarter of 2024. However, pseudonymous trader Credible Crypto believes that there could be disappointment after the market reaches a certain level on the price curve. According to him, Bitcoin would make one big jump on the price curve to entice more investors to join the “moving train”.
Unfortunately, the asset could take a surprising u-turn in a bearish run that could last for multiple years. The analyst expects investors to be caught up in a bull trap where they would fade at the $40-$50k price zone. The downward trend that follows the initial bull market could get investors buying the dip but may end in disappointment.
Max pain is new all-time highs pre-halving while everyone fades BTC at $40,000-$50,000 and then massive dump into five+ year mega bear post-halving when everyone buys the dip thinking we have another one to two years left in this ‘new bull cycle’.
The Multi-Year Bearish Run Could Start after Bitcoin Hit $180k
According to Credible Crypto, this multi-year bearish run would not be negative, but realistic and healthy for the market. To him, this would wipe out all the “junk” assets. He further disclosed that almost all the existing markets had a secular bear market apart from the crypto market. Also, it is important to note that there would be a multi-decade bull run after this considerable pullback.
Crypto has never had a secular bear market and every market has one. Nothing goes up only forever. This would be akin to the dot-com bust of the early 2000s that preceded what has been essentially a multi-decade secular bull for tech stocks. I am basically expecting the same for crypto – a secular bear to wipe out all the junk and then the next multi-decade bull run in which the Googles, Apple, and Amazons of the crypto space will be established.
Speaking on the “real bear market”, Credible Crypto predicted that Bitcoin could go as high as $180,000 before triggering this extended bear run.
The best (and worst) is yet to come…
His prediction, according to reports, is certainly based on the Elliott Wave theory. With this theory, the future price action is predicted using the crowd psychology that manifests in waves. The theory establishes that every bullish asset records a five-wave uptrend. In this case, the $180k could be the price at the major wave five.
According to a price prediction platform, Bitcoin is still bullish and could finish the year with a minimum price of $51,704.32. On average, the asset is expected to hit $64,630.40 before the year ends. When this bullish trend continues, Bitcoin could reach $77,556.48 by December 31.
