An analyst who\u2019s been making timely Bitcoin (BTC<\/a>) calls recently believes that the crypto king is still poised for a big surge despite yesterday\u2019s drop.<\/p>\n In a new video update, Credible Crypto tells<\/a> his 351,400 followers on the social media platform X that Bitcoin may be in the latter stages of a wave four corrective move after dropping to a 24-hour low of about $35,266.<\/p>\n According to the trader, Bitcoin is gearing up to end its major wave four structure by forming an ascending triangle pattern on the lower time frame.<\/p>\n \u201cMore likely, I think it\u2019s probably going to end up like [an ascending triangle]. That makes a lot of sense to me. Because again, triangles are often found in wave fours\u2026 That would look something like [a consolidation] here like an ascending triangle and then rip to the upside. That may be what we\u2019re getting here at the moment\u2026<\/em><\/p>\n It can take different shapes and forms but that makes a lot of sense here and then just continuation.\u201d\u00a0<\/em><\/p>\n Credible Crypto utilizes the Elliott Wave theory in his technical analysis, a method that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset goes through a five-wave rally where waves one, three and five move to the upside while waves two and four are periods of consolidation.<\/p>\n Looking at the trader\u2019s chart, a break of the $38,000 level would mark the end of wave four and push BTC toward his target at around $44,000.<\/p>\n The trader also notes that yesterday\u2019s pullback decimated the amount of Bitcoin open interest, which tracks the total number of outstanding BTC futures contracts. Credible Crypto says that with excessive leverage out of the picture, BTC is now in a position to start moving upward.<\/p>\n \u201cWe\u2019ve seen a massive amount of liquidation \u2013 the biggest amount of liquidation since this rally started. The biggest amount of liquidation since $25,000. Open interest is completely wiped [out]. I don\u2019t really see much to be achieved by pushing price lower here, and we\u2019re in a massive uptrend, so expect the dips to be bought up aggressively.\u201d\u00a0<\/em><\/p>\n At time of writing, BTC is worth $35,480.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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