A crypto strategist with a large following believes that Bitcoin (BTC) is poised for a significant rally that could lead to new all-time highs in the coming days.

In a recent video update, an analyst known as Credible, who has over 53,200 subscribers on YouTube, suggests that Bitcoin may have just initiated a five-wave rally that could propel its price above $100,000.

Credible relies on the Elliott Wave theory, which suggests that a bullish asset often experiences a surge consisting of five waves, with waves one, three, and five representing upward movements, and waves two and four serving as corrective periods.

According to the analyst, Bitcoin’s recent surge from $60,000 to over $70,000 could be the first wave of the rally, with the subsequent correction to $66,000 acting as the wave-two correction.

“Now that we can confirm that this first leg is done, what we’re seeing now is the wave-two correction. What follows the wave-two correction, regardless of how deep it goes, is a much larger wave three, four, and a five. If our first wave up went from $60,000 to $70,000, that’s a $10,000 move, the third [wave] is typically larger than that and the fifth is equivalent… In conclusion, wherever this wave two ends, we can expect at least $20,000 of further upside from wherever this correction ends. If this correction ends at $66,000, then we’re looking at a minimum of $86,000 for this next completed impulse to the upside. More likely that’s going to push into the $90,000s, potentially the $100,000 level.”

Credible also believes that this rally will result in a “much more sustainable and stronger uptrend” for Bitcoin.

As of now, Bitcoin is trading at $69,204, showing a slight increase over the past day.

Please note that the opinions expressed in this article are not investment advice. Investors should conduct their own research and analysis before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets.