‘More likely’ BTC price will hit $100K before Bitcoin sweeps $30K lows, projection says\s
Bitcoin bears could get their dream, but may have to endure the pain of a new all-time high first.
Bitcoin (BTC) may not drop below $30,000 and instead rise to $100,000 before clearing its lows.
That was the perspective of popular trader Credible Crypto, who, on May 2, offered an updated view on how BTC price movement would evolve.
Trader prepared for lows to be “left untapped”
As more and more voices call for a large downturn in BTC/USD, positive viewpoints remain confined to the long term due mainly to macro causes.
For Credible Crypto, though, the pair might equally surprise the market but continue on its bull run to new all-time highs and even six figures.
The reason rests in historical background. In prior years, such as in 2019, Bitcoin succeeded in recovering to the upside when the market predicted a capitulation event. It only swept the projected lows much later such as in March 2020 after observing a macro top, and as such, there is every reason to believe that this time might be similar.
In a video using Elliott Waves, Credible Crypto thus plotted out a climb to a new macro peak of between $100,000 and $200,000 for BTC/USD before a decline which might take liquidity at $30,000 or under.
“These lows that have built up — we don’t have to take them now; we might very well continue up for the fifth wave,” he stated.
He noted that there was “nothing wrong” with expecting a sweep of the lows following November 2021’s all-time highs.
“But again, based on market context and everything else that I’ve observed, I believe it’s a little bit more implausible; I think it’s a lot more likely that we leave these lows untouched and simply continue up.”
BTC/USD 1-week candle chart (Bitstamp) with lows highlighted. TradingView was the cited source.
Capitulation “may not occur”
That similar conclusion formed the basis of research by on-chain analytics platform CryptoQuant on May 3.
Related: $27K ‘max pain’ Bitcoin price is ultimate buy-the-dip chance, says research
Analyzing diminishing inflows to exchanges, one contributor to CryptoQuant’s Quicktake series stated that traders were not readying themselves for a “capitulation” and wave of selling.
Inflows “dropped sharply” after January this year, while outflows continued an upward trend.
“Therefore, if the market continues to trend as drastically as the media anticipates in general, and no terrible events are happening unexpectedly (unpredictable), the crab can be repeated, but the surrender may not occur,” the contributor summarised.
