An analyst under the pseudonym Credible Crypto informed his 67,800 YouTube subscribers that Bitcoin appears to be in the midst of a second corrective wave within a five-wave rally.
Credible utilizes Elliott Wave Theory, which posits that a bullish asset tends to experience a five-wave upward movement, where the second and fourth waves are corrective periods, while the first, third, and fifth waves represent upward movements.
According to the crypto strategist, Bitcoin could very well dip below $80,000 before a rapid upward surge begins.
“The important takeaway is that the second wave can technically drop to $70,000 or even $80,000 without violating the structure on higher time frames,” states Credible Crypto.