A crypto analyst believes Bitcoin is about to explode. They predict a massive price rally, potentially reaching between $160,000 and $200,000. But there’s a catch.
Breaking the $108,500 Barrier
The key? Bitcoin needs to break through the $108,500 resistance level. If it does, and stays above it, this analyst, known as ‘BigMike7335’, says it’ll trigger a powerful “Wave 3” bull run. This prediction is based on Elliott Wave Theory and Fibonacci analysis.
BigMike7335’s chart shows Bitcoin has already gone through two phases: a strong upward move (Wave 1) followed by a correction (Wave 2). Now, it’s consolidating, building momentum. Technical indicators like the RSI are looking bullish, further supporting this prediction.
Important resistance levels are also identified at $117,795 and $137,421, where the price might pause before continuing its ascent. Breaking $108,500 would also put Bitcoin above a significant volume node, suggesting less resistance ahead.
Bitcoin Dominance and a Delayed Altcoin Season
This predicted rally will likely see Bitcoin dominance (BTC.D) rise towards 70%. This means more money will flow into Bitcoin, potentially delaying the next altcoin season. Altcoins might underperform while Bitcoin enjoys its moment in the spotlight.
A $375,000 Peak? Another Analyst Weighs In
Another analyst, TechDave, has identified a “launch signal” – a rare pattern that has only appeared four times before. Each time, it preceded a massive Bitcoin bull run. This signal appeared again in July 2024, leading TechDave to predict a new all-time high for Bitcoin at a whopping $375,000. While this is a much bolder prediction, it aligns with previous historical patterns.
