The direction of where the price of bitcoin could be headed has been a bone of contention among industry players. Numerous forecasts have been made for the pioneering cryptocurrency, but one crypto analyst maintains that bitcoin remains bullish even despite its current choppy moves.
crypto Analyst Predicts Bigger Upside for bitcoin
crypto analyst Tony “The Bull” Severino took to x (formerly) twitter to share his analysis on where they think the price is headed next. The analyst who has been known to be bullish on bitcoin since the FTX crash shook the market has maintained his optimism, believing that bitcoin can rise from here.
In the chart shared with the publication, the analyst describes different points of Elliot wave theory that could be developing in the market right now. He explains that the current price movement may be following a valid wave pattern. But still, he shows what could happen if this were the case.
Using this wave theory, it would appear that the price of bitcoin remains quite bearish in the short term. With the third wave now completed, the market is in a position to face the fourth wave. Typically, this fourth wave results in a price drop and in this case, such a drop could cause the price to fall below $40,000.
<blockquote class="twitter-tweet”>
I don't think this is valid. twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#bitcoin Elliott wave count/pattern but this would really shake up the bulls but would ultimately be very bullish. This would even cut me pic.twitter.com/QIErb6wP2m
— Tony “El Toro” Severino, CMT (@tonythebullBTC) twitter.com/tonythebullBTC/status/1783635769338282016?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>April 25, 2024
The crypto analyst warns that such a drop would be brutal, saying: “This would really shake up the bulls, but ultimately it would be very bullish.” From the current price level, a drop below $40,000 would mean the price of bitcoin would lose around 40% of its value.
btc Price Still Set to Overtake
Despite bearish expectations for the short term, Tony The Bull maintains his bullish outlook for the long term. After the fourth wave in Elliot wave theory is the fifth and final wave, which is possibly the most bullish of all waves.
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If the price of bitcoin develops as the analyst expects, then the rebound could take the digital asset to six figures. However, it doesn't stop there, as the analyst expects the price to surpass $300,000, reaching a high of $357,183, as shown on the chart.
As for the timeline for this, the analyst shows a completion time somewhere between 2025 and 2026. This gives it a window of around two years to develop, if it turns out to be an “Elliot wave count/pattern.” valid”.
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btc price dips below $64,000 | Source: BTCUSD on Tradingview.com
Featured image from crypto News, chart from Tradingview.com
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