Bitcoin’s price has been on a rollercoaster lately. It zoomed from around $85,000 to almost $98,000 in just two weeks! But will this upward trend continue? That’s the big question.
A Technical Analyst’s Take
One expert, using the Elliott Wave Theory, suggests Bitcoin has peaked near $97,000. This theory predicts price movements in repeating patterns: an upward “impulse” phase (waves 1-5), followed by a downward “corrective” phase (waves A-C). The expert believes Bitcoin is now entering this corrective phase.
The $102,000 Hurdle
However, there’s a twist. If Bitcoin can break through the next resistance level at $102,000, it could signal a continued bullish trend. Failure to do so, though, could trigger a significant price drop.
What Happens If Bitcoin Fails?
A rejection at $102,000 could send Bitcoin down to around $70,000 (Wave A). A small bounce back to $102,000 (Wave B) might follow, but then a much larger drop to the $50,000-$60,000 range (Wave C) is possible. Even with this drop, the analyst predicts a bullish rebound later, potentially reaching $122,000.
Current Market Sentiment and Predictions
Right now, Bitcoin is trading slightly below $96,000, and trading volume is down, suggesting less market excitement despite recent gains. While overall sentiment is bullish, predictions vary. Some analysts predict a short-term rise to almost $120,000 within five days, but also anticipate a correction before a bigger price jump to potentially over $136,000 in three months.