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A popular crypto strategist and trader is predicting a prolonged correction for Bitcoin as altcoins positions for a major price rally.
Pseudonymous trader Credible tells his 266,400 Twitter followers that Bitcoin is in the midst of a wave 4 correction and could take two possible paths before igniting the last big rally of its bull cycle.
“19 months later, and here we are. It really doesn’t matter what type of structure this Wave 4 forms. The purpose is the same: re-accumulation before the 5th and final wave of this bullish cycle.”
The trader relies on the Elliott Wave theory, a technical analysis approach that predicts future price action by following crowd psychology that tends to manifest in waves. According to Credible, Bitcoin’s fourth wave – the final corrective move before BTC’s last major leg up – could take the form of a large symmetrical triangle.
While Bitcoin goes through a reaccumulation phase, he says altcoins are primed to rally spearheaded by smart contract platform Ethereum.
“As long as ETH/BTC holds this level we are setting up for some major bullish action on alts.”