Bitcoin is currently stuck in a consolidation zone between $50,000 and $52,000, with no clear winner between the bulls and bears. Crypto analyst Alan Santana has used the Elliot Wave Theory to predict the cryptocurrency’s next move.
Elliot Wave Points to Correction to $31,800
According to Santana’s analysis, the Elliot Wave theory suggests that Bitcoin may experience a correction to $31,800. The theory, which consists of five waves, has so far completed three waves, with the fourth wave expected to happen soon. Given that the third wave was very bullish, the fourth wave is expected to be more bearish.
Bitcoin Top at $138,000
The Elliot Wave theory also suggests that Bitcoin could reach a top of $138,000 in the fifth wave. The analyst used one of the two Wave Principle methods to forecast this price, which takes into account the peak of the third wave and then uses that to give the peak of the fifth wave.
When Will This Happen?
Santana believes that the entire cycle could play out by 2025, which is when the peak would take place.
In conclusion, the Elliot Wave theory suggests that Bitcoin may experience a correction to $31,800 before reaching a top of $138,000 in 2025.
