Bitcoin is on a roll, and one analyst thinks it could reach $130,000 by January 2025.
This prediction comes from a crypto analyst named Xanrox, who uses a combination of technical analysis tools to support his forecast.
The Roadmap to $130,000
Xanrox believes Bitcoin is currently in the fifth and final wave of an “impulse wave” pattern. These waves are a key part of the Elliott Wave theory, which suggests that market movements follow predictable patterns.
He used Fibonacci extensions to predict the potential peak of this wave. The 0.618 Fibonacci extension aligns perfectly with a major trendline that marked the peaks of previous waves. This suggests that Bitcoin could reach $130,000, a 100% increase from current levels.
The Catch: A Sharp Reversal
While Xanrox is bullish on Bitcoin reaching $130,000, he also warns of a potential sharp reversal after that.
He points out that Bitcoin’s previous waves have seen significant corrections of 70% to 80% after the impulse wave cycle ends. This means that Bitcoin could crash down to $60,000 after reaching $130,000.
So, while $130,000 might be on the horizon, investors should be prepared for a potential rollercoaster ride. /p>
