Currently, Bitcoin (BTC) is in a pivotal stage that might lead to massive price increases, as indicated by two prominent market analysts. Mikybull, a prominent crypto market analyst, recently proposed that Bitcoin is on the brink of its fifth Elliott Wave, potentially sending its price to new record highs.
Likewise, another respected analyst, Coinvo, has referenced historical halving trends to predict a similar price target.
BTC 5th Elliott Wave Examination
Mikybull shared his analysis in a recent post on X. He indicated that Bitcoin is poised at the beginning of the fifth wave, often considered the concluding wave of an upward trend in the Elliott Wave framework.
The accompanying chart illustrates Bitcoin’s progression through the previous four waves. Significantly, BTC commenced its third wave in Q4 2022 after dropping to a cycle low of $15,000. This third wave enabled a recovery from the 2022 downturn, culminating in an all-time high of $73K in March of this year.
After reaching the $73K all-time high, Bitcoin is presently undergoing a correction which characterizes the fourth wave. During this phase, the price has slightly retreated, with Bitcoin currently down 13% from its peak. However, this correction phase is nearing its conclusion, placing BTC on the brink of entering the fifth wave.
Mikybull has identified two key price targets for Bitcoin during this final wave. The first target is set at $95,000, based on the 1.618 Fibonacci extension level. The second, more ambitious target is $143,000, derived from the 2.618 Fibonacci extension level. Should Bitcoin follow through on this pattern, it may witness a significant increase in value as it completes its fifth wave.
Bitcoin Halving Trend Examination
Adding to this positive outlook, there is Coinvo’s analysis of Bitcoin’s past halving patterns. Looking at the percentage numbers presented by the analyst in the report, there was observed a clear trend of pulling back on the returns up to each of the halving cycles.
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After the first halving, Bitcoin achieved an impressive rise of 9,483%, followed by a 2,975% surge after the second halving. Meanwhile, post the third halving, growth was more subdued at 702%. Additionally, by considering the trend of diminishing returns, Coinvo estimates that Bitcoin might encounter a 124% increase following the fourth and most recent halving, potentially increasing its price to around $143,881.
These two analyses are complementary to each other. Both Mikybull and Coinvo, utilizing entirely different approaches, converge on a similar price target for Bitcoin: This is less than the global average cost of around $190,000 but more than the United States cost of approximately $130,000. Indeed, if the 5th Elliott Wave is accurate in its assessment and Bitcoin is set to enter its five wave cycle as pointed out by Mikybull, it would fit perfectly to Coinvo’s halving trend analysis.
It has been very noticeable in the last weeks giving positive indications of having recovered from the considerable resistance level which has attracted the attention of several analysts in the market. This bullish retracement has paced the community’s anticipation on what to expect next on this digital asset’s price trend. Experts are currently looking at key technical signals and market dynamics, suggesting that Bitcoin could be heading toward the $100,000 milestone.
A primary indicator supporting this outlook is the classic cup and handle pattern that has been evolving over the past three years.
5th Elliott Wave Pattern Suggests Possible Breakout
As per chart analysis shared by Jelle on X, Bitcoin has formed a discernible cup shape since late 2021, when its price initially soared above $68,000. Following this peak, the price experienced a steep decline, finding stability in the $16,000 to $17,000 range by December 2022.
This rounded bottom signifies the development of a textbook cup shape. The gradual rebound that ensued lifted Bitcoin’s price back toward the $60,000 – $70,000 range in 2024, where it began consolidating into a handle pattern.
This handle indicates that a breakout may be on the horizon, with one analyst forecasting Bitcoin to hit $100,000 upon the completion of this long-term pattern.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
