Bitcoin is now at a critical crossroads, with many determining the course of its price for the rest of the year. Encryption has I was able to come back To the $60,000 area After getting off to $56,000 for the first time since April. Some analysts They are of the idea Bitcoin bulls haven't really started their momentum yet, with many anticipating a rally beyond $74,000 in the coming weeks.
According to a cryptocurrency analyst, the impulse waves formed by Bitcoin over the past year and a half indicate that the price of Bitcoin will soon jump to between $90,000 and $100,000.
Bitcoin to $90,000
A cryptocurrency analyst known as TechDev recently shared his Bitcoin price forecast on social media platform X with over 448,000 followers. Interestingly, his analysis is based on Elliott Impulse Waves, a technical analysis tool that has become very popular among cryptocurrency analysts when predicting the price of Bitcoin.
According to the 2D BTC/US Dollar time frame shared by the analyst, Bitcoin has been forming impulse waves in an uptrend since May 2023. The chart indicated that the recent correction since Bitcoin reached an all-time high of $73,780 is the formation of the fourth impulse wave. , which is generally known as a corrective wave. It is interesting that the origins are Now at a critical crossroads After it rose to $56,800.
As the analyst noted, Bitcoin is set to form its fifth (bullish) impulse wave and turn parabolic in the coming months. The first target price is around $90,000 to $100,000 in the short term. The second target price is located around the expected peak of the fifth impulse wave, which is just below $150,000.
TechDev's analysis is based on the formation of a similar five-fold impulse wave in the bull market cycle from 2020 to 2021. A similar fourth impulse wave correction during this period saw Bitcoin fall from $41,000 to $29,000 in early 2021. However, the bounce led to the formation of an impulse wave Fifth (bullish), pushing the price of Bitcoin to its previous all-time high.
The impulsive structure of the last 1.5 years says 90-100k is next. $ Bitcoin pic.twitter.com/jboA0rQ3Qs
– TechDev (@TechDev_52) May 3, 2024
What's next for Bitcoin price?
At the time of writing, Bitcoin is trading at $63,275 and is up 6% over the past 24 hours. Since the launch of the Spot Bitcoin ETFs in the US, Grayscale's GBTC recorded its first day of inflow, totaling $63 million on May 3. Optimistic and speculating how This could trigger a new bullish wave for the cryptocurrency.
According to a Bitcoin analyst It was successfully defended Correction below the 21-day Exponential Moving Average (EMA). The next step is to clear the resistance level at approximately $63,488.
BTC bulls push price toward $64,000 | Source: BTCUSD on Tradingview.com
Featured image from TechBullion, chart from Tradingview.com
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