A crypto analyst who correctly predicted Bitcoin hitting $120,000 is back with a new, even bolder forecast. Using Elliott Wave theory and historical data, they’ve mapped out a potential path for Bitcoin’s price.
Bitcoin’s Parabolic Phase: Just Getting Started?
The analyst believes Bitcoin is in the early stages of a massive rally. They say the most dramatic price increase is still to come. Their charts show Bitcoin surpassing a key support level, suggesting a move into a powerful upward phase (Wave 3 in Elliott Wave terms).
Halving Cycles and Historical Patterns
The analyst points to Bitcoin’s history, noting that price surges often follow its “halving” events (when the reward for mining Bitcoin is cut in half). The last halving was in April 2024, and they believe this will fuel a rally that could push Bitcoin beyond $270,000.
The Roadmap to $270,000 (and Beyond?)
The forecast shows a significant climb to a potential high near $272,832. However, the analyst warns of a potential crash afterward, dropping the price to around $41,646 – a massive 85% correction.
Smart Money vs. Dumb Money
The analyst emphasizes the importance of planning an exit strategy. They suggest that “smart money” is already thinking about when to sell, while “dumb money” might miss the opportunity. They stress that now is the time to prepare, before things get too crazy.
The Next Stop: $155,000?
In a recent update, the analyst predicts Bitcoin will hit $155,000 in the near term. This is based on their analysis of the current wave pattern. They see Bitcoin currently forming a five-wave structure pointing to this price range, although they acknowledge potential corrections along the way.
