Bitcoin, the popular cryptocurrency, may be on the verge of a significant rally that could propel it to new all-time highs, according to a well-known crypto strategist. In a recent video update, the analyst, known as Credible, suggests that Bitcoin has entered a five-wave rally, potentially pushing its price above $100,000.

Credible bases his analysis on the Elliott Wave theory, which suggests that a bullish asset often experiences a surge consisting of five waves, with waves one, three, and five representing upward movements, while waves two and four are corrective phases.

The analyst believes that Bitcoin’s recent move from $60,000 to over $70,000 could be the first wave of the rally, with the subsequent correction down to $66,000 serving as the second wave. Credible explains that following the conclusion of the wave-two correction, there will likely be a much larger wave three, four, and five.

If the first wave saw a $10,000 increase from $60,000 to $70,000, Credible expects the third wave to be even larger and the fifth wave to be equivalent. In conclusion, he suggests that regardless of where the wave-two correction ends, Bitcoin could see a further upside of at least $20,000. If the correction concludes at $66,000, the next completed impulse could reach a minimum of $86,000, potentially even pushing into the $90,000s or reaching the $100,000 level.

Credible also predicts that this rally will be a more sustainable and robust uptrend for Bitcoin. As of now, Bitcoin is trading at $69,204, showing a slight increase in the past day.

It is important to note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies. The Daily Hodl, where the article originates, does not recommend buying or selling cryptocurrencies and is not an investment advisor.