Bitcoin is now at a critical crossroads, where many are determining its price trajectory for the remainder of the year. Crypto has managed to come back in $60,000 territory after falling at $56,000 for the first time since April. Some analysts are of the notion that Bitcoin bulls have yet to really get their momentum going, with many expecting a rise above $74,000 in the coming weeks.
According to a crypto analyst, the momentum waves formed by Bitcoin over the past 1.5 years indicate that the price of Bitcoin will soon surge to between $90,000 and $100,000.
Bitcoin at $90,000
A crypto analyst known by the pseudonym TechDev recently shared a Bitcoin price outlook on social media platform X with over 448,000 followers. Interestingly, his analysis is based on Elliot Impulse Waves, a technical analysis tool that has become extremely popular among crypto analysts for predicting the price of Bitcoin.
According to the BTC/US Dollar 2D timeline shared by the analyst, Bitcoin has been forming impulse waves on an uptrend since May 2023. The chart indicates that the recent correction since Bitcoin hit an all-time high of $73,780 is the fourth pulse wave formation. , which is generally known as a corrective wave. It is interesting to note that the asset is now at a critical crossroads after rebounding to $56,800.
As the analyst noted, Bitcoin is poised to form its fifth (bullish) impulse wave and go parabolic in the coming months. The first price target is between $90,000 and $100,000 in the near term. The second price target is around the expected peak of the fifth impulse wave, which sits just below $150,000.
TechDev’s analysis is based on a similar five-impulse wave formation during the 2020 to 2021 bull market cycle. A similar fourth impulse wave correction during this period saw Bitcoin fall from $41,000 to $29,000 in early 2021. However, a rebound led to the formation of a fifth (bullish) impulse wave, pushing Bitcoin price to its former all-time high.
The impulsive structure of the last 1.5 years indicates that 90-100K is next. $BTC pic.twitter.com/jboA0rQ3Qs
– TechDev (@TechDev_52) May 3, 2024
What’s Next for Bitcoin Price?
At the time of writing, Bitcoin is trading at $63,275 and is up 6% in the last 24 hours. Since the launch of Spot Bitcoin ETFs in the United States, Grayscale’s GBTC saw its first day of inflows, totaling $63 million on May 3. are hopeful and speculating about how this could spark a new bull run for the cryptocurrency.
According to an analyst, Bitcoin successfully defended a correction below the 21-day exponential moving average (EMA). The next step is to break through the resistance around $63,488.
BTC bulls push price toward $64,000 | Source: BTCUSD on Tradingview.com
Featured image from The TechBullion, chart from Tradingview.com
