Bitcoin recently hit a high of $104,300, sparking questions about what’s next. Let’s dive into one expert’s prediction.
The Big Picture: A Correction Coming?
According to analysts at NewThoughtCrypto, Bitcoin’s recent surge to $104,300 completes a five-wave “impulse” pattern (based on Elliott Wave Theory). This theory suggests that markets move in predictable wave patterns. After an impulse phase, a correction is usually expected.
They predict a correction that could take Bitcoin’s price down to between $86,000 and $89,000. This is based on Fibonacci retracement levels, a common technical analysis tool. There might be a temporary bounce before the full correction, but a significant drop is anticipated before another major price increase. The experts believe a new all-time high is likely, but not until summer.
Zooming In: A Short-Term Bump First?
Looking at a shorter timeframe (4-hour chart), NewThoughtCrypto sees Bitcoin as having completed three waves of a smaller pattern. They anticipate a minor correction to around $100,000-$101,000 before another short-term bullish push to $106,000. Only after this final push will the larger correction begin.
Current Status
At the time of writing, Bitcoin is trading around $102,810, with a slight increase over the past day but lower trading volume.
