A well-known crypto strategist and trader predicts a parabolic rise in the value of Bitcoin (BTC), which will rise to an all-time high of $64,000 on the chart recently. Crypto analyst Jack Sparrow, who correctly predicted BTC’s rise to $19,000 last year, explains that he is gathering strength to capture the possibility of Bitcoin’s rise. Details are as follows…
Analyst expects $380,000 in Bitcoin (BTC)
Analyst Jack Sparrow shares his analysis, which is based on Bitcoin (BTC) cycles and points to $ 380,000, with 203,600 followers as follows:
This is exactly what the chart might look like if this BTC cycle results in similar returns in a similar period to the previous cycle (below). Perspective is important. They’ve been calling me a permanent bear lately but all I really do is wait to take a position against that possibility.
Cryptocoin. com, in the 2017 rally cycle, Bitcoin dropped from around $5,000 to $2,900 before skyrocketing to $20,000. Jack Sparrow, 1% if Bitcoin is in a similar bull market phase. He suggests that there is a 000 chance of a rally. The crypto strategist maintained his long-term bullish prospect even after the May sale that devalued BTC by more than 50%. According to Jack Sparrow, the bull market is not over. The analyst’s statements are as follows:
I think we are missing wave 5 and since $65,000 the correction is very likely to be our wave 4 correction. I think the bull is not over and the game is to survive while patiently risking the fifth wave.
Finally, the analyst uses Elliott Wave theory to predict future price action by analyzing the cycle of big waves and market psychology. According to the theory, the fourth wave is a correction period that precedes the last leg of a market cycle. In the medium term, Jack Sparrow expects Bitcoin to continue to consolidate over the next few months before resuming the bull market in early 2022.