By Solomon Odunayo
A popular cryptocurrency analyst and trader, identified on Twitter as Credible Crypto, has stated in a YouTube video that the largest and third-largest cryptocurrencies by market capitalization, Bitcoin (BTC) and Ripple’s XRP are both on track to record new price all-time highs.
According to the belief of the crypto analyst, Bitcoin (BTC) is set to break above its price all-time high of $20,000 in a week or two weeks’ time.
Credible Crypto used the Elliot Wave Theory for his prediction. This theory aims to identify recurring wave patterns to forecast the behavior of market participants.
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According to the analyst, the current trajectory of Bitcoin appears to indicate that the largest cryptocurrency is set to record a new price all-time high, believing that BTC will keep up the surging trend after attaining the milestone.
The crypto analyst and trader, who predicted the recent price breakout of XRP, also predicted that XRP and the altcoin market would replicate Bitcoin’s rally.
He then specifically stated that he sees the third-largest digital currency by market, XRP, targeting a new high of $4.10 by April 2021.
Conclusively, the analyst pointed out he remains long-term bullish on Bitcoin (BTC) as long as it maintains its stability above $13,000 support.
Credible Crypto noted:
“I do think we’re going to extend a lot higher than the all-time high before this parabolic move completes because of the wave structure that I’m seeing here… We may get a fifth [wave] at something like $32,000 before we get a 30% to 40% correction.”
[For XRP] “I mentioned that the minimum target for the major wave three was going to be around $0.60. We’ve hit that minimum target and we could definitely go higher. We’ve got $1.00 as the next major area of resistance. Then I’m expecting some sideways consolidation for a wave 4 before a major wave 5, which could absolutely extend [to $4.10].
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“One thing that I want to make very clear here is that in all prior times Bitcoin has broken an all-time high these alts have typically reached their all-time highs within two months… I’m expecting Bitcoin to break all-time high within the next week or two weeks and I suspect that XRP breaks its all-time high within the next one to two months after Bitcoin breaks its all-time high.”