One cryptocurrency analyst recently took to X (formerly Twitter) and boldly predicted something new Bitcoin upside price target in Q1 2025. The analyst, who analyzed Bitcoin’s future price path using Elliott Wave Theory, predicts that the fourth wave will end with prices collapsing to $91,000 while the fifth wave will see Bitcoin rise to $210,000 in this bull cycle.
Wave 5 to raise Bitcoin price to $210,000
On January 10, a cryptocurrency analyst known as “Captain. Toblerone Parabolic” He predicts The price of Bitcoin will reach $210,000 before Valentine’s Day in 2025. The analyst shared a chart of the Bitcoin price from the fourth quarter of 2024 until now, which depicts Technical analysis of cryptocurrency price movement based on… Elliot wave theory.
The analyst’s chart identifies the first four waves of the Elliott Wave pattern, with Bitcoin currently close to completing corrective wave 4. Elliott Wave theory is technical analysis that uses price patterns to determine Anticipate market movements.
Typically, Elliott waves progress from 1 to 5, representing a distinct trend phase. While wave 1 marks the beginning of a new trend, wave 2 reflects a pullback from wave 1. Wave 3 is the strongest and longest phase, often pushing the cryptocurrency to new heights. Meanwhile, wave 4 It indicates a price correction And consolidation, and finally, wave 5 highlights A Potential bullish reversal And the end of the pattern.
In the case of Bitcoin, the analyst expects wave 4 to end with… Price collapse To $91,000. Conversely, wave 5 is expected to be a strong upward move, which the cryptocurrency analyst described as an “explosive top.”
According to his analysis, wave 5 is expected to push Bitcoin price to around $210,000 before February 14, which corresponds to the upper Fibonacci extension level at 6.618. The analyst described this upside price target as: Top of the courseWhich means that $210,000 could be the highest amount that Bitcoin could see in this four-year cycle.
With Bitcoin currently trading at $94,306, the analyst points to several of them Fibonacci retracement and extension levels On the chart indicating resistance and support areas.
A major correction is expected after the peak
While he expected A Top Bitcoin Market Worth $210,000, Captain Parabolic Toblerone’s Bitcoin Price Chart Highlights Potential ABC corrective structure After the explosive summit. A correction will likely cause Bitcoin to fall significantly Dropping below $100,000. This pullback would represent more than 50% of the collapse if Bitcoin reaches the expected market peak of $210,000.
The expected decline is consistent with historical bull cycle patterns, where explosive highs occur New furniture precedes a severe recession. In the case of Bitcoin, this decline is likely the start of an expected bear market. Regarding this potential price collapse, the cryptocurrency analyst advises investors in Bitcoin and altcoins to be cautious, suggesting that traders “exit all altcoins” when BTC reaches the expected top.
Featured image from Fortune, chart from TradingView
Comments are closed, but trackbacks and pingbacks are open.