As a seasoned analyst with over two decades of experience in the financial markets, I find Xanrox’s Bitcoin price roadmap both captivating and plausible. His use of a combination of Fibonacci extensions and Elliott impulse waves is a testament to his deep understanding of market dynamics.
Based on an analysis by financial expert Xanrox, Bitcoin‘s value could potentially hit $130,000 within the upcoming months. This optimistic forecast is one of several positive predictions about Bitcoin’s price recently. Interestingly, Xanrox also offers a cautious perspective after this bullish target is achieved.
To substantiate his prediction, Xanrox utilized a blend of Fibonacci extensions and Elliott impulse waves, two widely-used analysis methods. By employing these tools, Xanrox was able not only to identify a potential path towards the $130,000 mark but also a significant pullback to around $60,000.
Bitcoin Price Roadmap To $130,000
Sharing his insights via TradingView, cryptocurrency expert Xanrox pointed out that the current trend for Bitcoin’s price seems to be leading towards the manifestation of its fifth Elliott impulse wave, with the fourth wave being concluded in August.
As a researcher delving into the Elliot Wave theory, I’ve come to understand that impulse waves are a crucial component, making up half of its two primary wave types, with corrective waves being the other half. Impulse waves signify robust market movements that align with the overall trend direction. These waves are subdivided into five distinct phases, labeled 1 through 5. The odd-numbered phases (1, 3, and 5) serve as the momentum builders for the trend, while the even-numbered phases (2 and 4) function as pauses or consolidation periods, offering a momentary respite before the subsequent phase of the trend unfolds.
Based on Xanrox’s assessment, Bitcoin began Wave 5 when it reached a correction low of $49,000 in August, signifying the conclusion of Wave 4. Wave 4 served as a period of consolidation after the significant surge during Wave 3, with Bitcoin reaching a fresh record high price. Now that the final push wave is underway, attention has turned to how high the value of Bitcoin might ascend.
To determine the estimated peak for Wave 5, Xanrox utilized Fibonacci projections. Notably, when the Fibonacci projection is extended from the low of Wave 4, the 0.618 extension lines up flawlessly with a significant trendline that has previously denoted the peaks of both Wave 1 and Wave 3.
From my perspective as an analyst, it appears that the upcoming stages of Bitcoin’s price movement could be significantly influenced by the 0.618 Fibonacci extension level. Notably, this intersection hints at a potential target price of around $130,000, which translates to a substantial 100% increase from our current levels.
What Next After $130,000?
Xanrox’s forecast extends beyond simply predicting a high price for Bitcoin. The analyst also sounded a warning and emphasized the potential for a dramatic downturn after Bitcoin achieves its fifth-wave peak. Referencing historical trends, he mentioned that Bitcoin has typically seen substantial corrections ranging from 70% to 80% following the completion of an impulse wave cycle.
Based on their analysis, Xanrox anticipates a swift drop in the price of Bitcoin down to around $60,000 following its rise to $130,000. This potential downturn may occur as early as January 2025.
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2024-10-17 00:04