Bitcoin is currently at a critical juncture that many believe will determine its price trajectory for the rest of the year. Cryptocurrency has I managed to come back Into the $60,000 area after falling It rose to $56,000 for the first time since April.some analysts It's a concept Bitcoin bulls have not really started to gain momentum yet, with many predicting a surge above $74,000 in the coming weeks.
According to one crypto analyst, the shockwaves created by Bitcoin over the past year and a half indicate that its price will soon jump between $90,000 and $100,000.
Bitcoin to $90,000
A crypto analyst known by the pseudonym TechDev recently shared his Bitcoin price outlook on social media platform X, where he has over 448,000 followers. Interestingly, his analysis is based on the Elliott Impulse Wave, a technical analysis tool that is very popular among cryptocurrency analysts when predicting the price of Bitcoin.
According to the BTC/USD 2D timeframe shared by analysts, Bitcoin has been forming an uptrend shockwave since May 2023. The chart showed that the recent correction is the fourth shock wave formation since Bitcoin reached an all-time high of $73,780, commonly known as a correction wave.Interestingly, the assets are We are now at a critical crossroads. After jumping up to $56,800.
As analysts have pointed out, Bitcoin is expected to form its fifth (bullish) impulse wave and become parabolic in the coming months. The initial price target is around $90,000 to $100,000 in the short term. The second price target is around Shockwave 5's predicted peak, at just under $150,000.
TechDev's analysis is based on a similar 5-impulse wave formation during the 2020-2021 bull market cycle. A similar shockwave correction during this period saw Bitcoin fall from $41,000 to $29,000 in early 2021. However, the rebound formed a fifth (bullish) shockwave, pushing Bitcoin's price to its previous all-time high.
Given the impulsive structure of the past year and a half, the next one is expected to be 90-100,000. $BTC pic.twitter.com/jboA0rQ3Qs
— TechDev (@TechDev_52) May 3, 2024
What will happen to the price of Bitcoin?
At the time of this writing, Bitcoin is trading at $63,275, up 6% in the past 24 hours. Since the launch of the Spot Bitcoin ETF in the US, Grayscale's GBTC recorded its first day of inflows totaling $63 million on May 3. I'm hopeful and guessing what will happen This could start a new bull market for cryptocurrencies.
According to analysts, Bitcoin is successfully defended A correction below the 21-day exponential moving average (EMA). The next step is to break above the resistance near $63,488.
BTC bulls push price toward $64,000 | Source: BTCUSD on Tradingview.com
Featured image from TechBullion, chart from Tradingview.com
