Bitcoin is now at a critical crossroads that many believe will determine its price trajectory for the rest of the year. Cryptocurrency is barely came back into the $60,000 area. After going down It hit $56,000 for the first time since April. some analysts It’s an idea Bitcoin bulls have yet to really start gaining momentum, with many predicting a surge above $74,000 in the coming weeks.
According to cryptocurrency analysts, the shock waves that Bitcoin has formed over the past 1.5 years indicate that the price of Bitcoin will soon surge between $90,000 and $100,000.
Bitcoin to $90,000
A cryptocurrency analyst known by the pseudonym TechDev recently shared his Bitcoin price forecast on social media platform X with over 448,000 followers. Interestingly, his analysis is based on the Elliot Impulse Wave, a technical analysis tool that has become very popular among cryptocurrency analysts when predicting the price of Bitcoin.
According to the BTC/US Dollar 2D timeframe shared by the analyst, Bitcoin has been forming impulse waves in an upward trend since May 2023. The chart indicates that the recent correction is the fourth impulse wave formation since Bitcoin reached an all-time high of $73,780. , these are commonly known as corrective waves. Interestingly, the assets We are now at an important turning point. After rebounding to $56,800.
As the analyst noted, Bitcoin is forming its fifth (bullish) impulse wave and is set to go parabolic in the coming months. The first price target is around $90,000 to $100,000 in the near term. The second price target is near the expected high of the fifth shock wave, just below $150,000.
TechDev’s analysis is based on the similar five-stage wave formation of the 2020-2021 bull market cycle. A similar fourth impulse wave correction during this period caused Bitcoin to fall from $41,000 to $29,000 in early 2021. However, the bounce led to the formation of a fifth (bullish) impulse wave, which pushed the price of Bitcoin to its previous all-time high.
Impulsive rescue over the past year and a half says 90-100K is next. $BTC pic.twitter.com/jboA0rQ3Qs
— TechDev (@TechDev_52) May 3, 2024
What’s next for Bitcoin price?
As of this writing, Bitcoin is trading at $63,275, up 6% in the last 24 hours. Since the launch of Spot Bitcoin ETF in the United States, Grayscale’s GBTC recorded its first day of inflows totaling $63 million on May 3. investor I’m hopeful and guessing what will happen. This could start a new bull market for cryptocurrencies.
Bitcoin According to Analysts successfully defended A correction was made below the 21-day exponential moving average (EMA). The next step is a break above the resistance near $63,488.
BTC bulls push price toward $64,000 | Source: BTCUSD on Tradingview.com
Featured image from The TechBullion, Chart from Tradingview.com
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