As a researcher with experience in cryptocurrency analysis, I find TechDev’s Elliot wave theory intriguing, and his prediction of Bitcoin reaching $90,000 to $100,000 holds merit based on historical patterns. However, it is essential to remember that technical analysis should not be the sole determinant of investment decisions and that market conditions can change rapidly.
Bitcoin currently stands at a pivotal point, with some predicting its direction for the remainder of the year. After dipping below $56,000 for the first time since April, the cryptocurrency has bounced back to reclaim the $60,000 mark. Several analysts believe that Bitcoin’s bullish trend hasn’t truly gained momentum yet, and they anticipate a significant price increase beyond $74,000 in the near future.
As a researcher studying cryptocurrencies, I’ve noticed some intriguing patterns in Bitcoin’s price movements over the past 1.5 years. Specifically, I’ve identified several impulse waves that suggest a significant price increase is imminent. Based on my analysis, I believe Bitcoin’s value could surge to anywhere between $90,000 and $100,000 in the near future.
Bitcoin To $90,000
A renowned cryptocurrency analyst going by the pseudonym TechDev has shared his perspective on Bitcoin’s price trend to over 448,000 followers on social media platform X. Notably, this analysis employs Elliott impulse waves, a widely-used technical analysis method among crypto enthusiasts for predicting Bitcoin’s price fluctuations.
Based on the Bitcoin-US Dollar 2D chart analysis provided by the expert, the cryptocurrency has been exhibiting impulse waves in an uptrend since May 2023. Notably, the correction following Bitcoin’s all-time high of $73,780 is considered the fourth impulse wave formation, which usually signifies a corrective phase. Presently, Bitcoin stands at a crucial point after rebounding to $56,800.
From my perspective as a researcher studying Bitcoin’s price movements, it appears that we are on the verge of Bitcoin forming its fifth bullish impulse wave. This trend is expected to lead to parabolic growth in the coming months. In the near term, I project the price to reach approximately $90,000 to $100,000. Further down the line, we can anticipate the peak of the fifth impulse wave around $150,000.
TechDev’s assessment is grounded in the observation of a comparable five-wave pattern in the Bitcoin market surge between 2020 and 2021. Notably, during this phase, there was a correction resembling the fourth wave impulse, causing Bitcoin to drop from $41,000 to $29,000 around early 2021. Nevertheless, a subsequent recovery gave rise to a fifth bullish wave, propelling Bitcoin back up to its previous record high.
The impulsive structure of the last 1.5 years says 90-100K is next. $BTC
— TechDev (@TechDev_52) May 3, 2024
What’s Next For Bitcoin Price?
Currently, Bitcoin is priced at $63,275 and has experienced a 6% increase within the last 24 hours. Following the debut of Spot Bitcoin ETFs in the United States, Grayscale’s GBTC reported a net inflow of approximately $63 million on May 3rd. The market is abuzz with optimism as investors ponder the potential implications for Bitcoin’s value.
An analyst reports that Bitcoin managed to prevent a decline beneath its 21-day EMA. The upcoming action involves surpassing the resistance at approximately $63,488.
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2024-05-04 23:10