bitcoin is now at a critical point, which many determine its price trajectory for the rest of the year. crypto has managed to return in $60,000 territory after falling to $56,000 for the first time since April. Some analysts are from the notion That bitcoin bulls have not yet begun to gain momentum, with many expecting a rise above $74,000 in the coming weeks.
According to a crypto analyst, the impulse waves formed by bitcoin in the last 1.5 years indicate that the price of bitcoin will soon jump to between $90,000 and $100,000.
bitcoin at $90,000
A crypto analyst known under the pseudonym TechDev recently shared a bitcoin price outlook on social media platform x with over 448,000 followers. Interestingly, his analysis is based on Elliot Impulse Waves, a technical analysis tool that has become extremely popular among crypto analysts when forecasting the price of bitcoin.
According to the 2D btc/US Dollar time frame shared by the analyst, bitcoin has been forming impulse waves in an uptrend since May 2023. The chart indicated that the recent correction since bitcoin hit an all-time high of $73,780 is the fourth formation of impulse waves. , which is generally known as a corrective wave. Interestingly, the asset is now at a critical junction after bouncing to $56,800.
As noted by the analyst, bitcoin will form its fifth impulse wave (bullish) and go parabolic in the coming months. The first price target is between $90,000 and $100,000 in the short term. The second price target is around the projected peak of the fifth impulse wave, which is just below $150,000.
TechDev's analysis is based on a similar five-impulse wave formation in the 2020-2021 market bull cycle. A similar fourth impulse wave correction during this period saw bitcoin fall from $41,000 to $29,000 in early 2021. However, a bounce led to the formation of a fifth impulse wave (bullish), pushing bitcoin price to its former all-time high.
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The momentum structure of the last 1.5 years says 90-100K is next. twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$btc pic.twitter.com/jboA0rQ3Qs
— TechDev (@TechDev_52) twitter.com/TechDev_52/status/1786185142962180495?ref_src=twsrc%5Etfw” rel=”nofollow”>May 3, 2024
What's next for bitcoin price?
At the time of writing, bitcoin is trading at $63,275 and up 6% in the last 24 hours. Since the launch of bitcoin Spot ETFs in the US, Grayscale's GBTC recorded its first day of inflows, totaling $63 million on May 3. They hope and speculate how This could fuel a new bull run for the cryptocurrency.
According to one analyst, bitcoin x.com/mindandtrading/status/1786566715612258687″ rel=”nofollow”>has successfully defended a correction below the 21-day exponential moving average (EMA). The next step is to cross above the resistance around $63,488.
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btc bulls push price toward $64,000 | Source: BTCUSD on Tradingview.com
Featured image by The TechBullion, chart by Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
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