'More likely' BTC price will hit $100K before Bitcoin sweeps $30K lows, forecast says
Bitcoin (BTC) may not crash below $30,000 and instead jump to $100,000 before sweeping its lows.
That was the opinion of popular trader Credible Crypto, who on May 2 shared an updated view of how BTC price action might unfold.
As more and more voices call for a fresh major drawdown in BTC/USD, due mainly to macro factors, bullish perspectives remain confined to the long term.
For Credible Crypto, however, the pair could equally surprise the market but continuing on its bull run to new all-time highs and even six figures.
The reason lies in historical context. In previous years, such as in 2019, Bitcoin succeeded in returning to upside when the market expected a capitulation event. It only swept the expected lows much later (in March 2020) after seeing a macro top, and as such, there is every reason to believe that this time could be similar.
In a video using Elliott Waves, Credible Crypto thus mapped out a move to a new macro top of between $100,000 and $200,000 for BTC/USD before a drawdown which could take liquidity at $30,000 or under.
“These lows that have built up — we don’t have to take them now; we could very well continue up for the fifth wave,” he explained.
He added that there was “nothing wrong” with expecting a sweep of the lows after November 2021’s all-time highs.
That same conclusion formed the basis of research by on-chain analytics platform CryptoQuant Tuesday.
Related: $27K 'max pain' Bitcoin price is ultimate buy-the-dip opportunity, says research
Analyzing decreasing inflows to exchanges, one contributor to CryptoQuant’s Quicktake series argued that traders were not readying themselves for a “capitulation” and wave of selling.
Inflows “dropped sharply” after January this year, while outflows continued an
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