Analyst Warns: Tough Road Ahead for Newcomers as Bitcoin Gains Momentum
The perspective shared by a well-known crypto analyst hints at a potentially challenging scenario for latecomers to the Bitcoin (BTC) trend.
In his analysis posted on the social platform X to a substantial following, the trader known as Credible Crypto foresees a pattern where Bitcoin’s surge will leave most retail traders on the sidelines, drawing them in only when the rally is at its peak.
The prediction paints a cautionary picture for those entering the Bitcoin bull market late, anticipating a prolonged downward trend for BTC.
Credible Crypto envisions a scenario where the excitement of new all-time highs precedes a substantial drop, catching many off guard, as they buy into the dip, believing another cycle is underway.
The analyst emphasizes that despite this projection, a multi-year bear market could be advantageous for the long-term stability of the crypto market.
The best (and worst) is yet to come… $BTC $ETH $XRP pic.twitter.com/omA3MFIgH4
— CrediBULL Crypto (@CredibleCrypto) November 24, 2019
Drawing parallels to historical market trends, they liken this potential downturn to the dot-com bust preceding a lengthy bullish run in tech stocks.
READ MORE: Big Decision Looms: U.S. Bitcoin ETF’s Fate to Be Revealed Soon
Credible Crypto’s forecast, backed by the Elliott Wave theory, indicates a peak for Bitcoin around $180,000 before entering what they refer to as “The Real Bear Market.”
Their assessment, rooted in crowd psychology and wave patterns, suggests that Bitcoin’s major wave five could propel it to $180,000 before experiencing an extended downturn.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
