Bitcoin is now at a critical crossroads, one that many determine the price trajectory for the rest of the year. The crypto has managed to return to an area of $60,000 after falling down to $56,000 for the first time since April. Some analysts are of the concept that the Bitcoin bulls haven’t really picked up their momentum yet, with many expecting a surge above $74,000 in the coming weeks.
According to a crypto analyst, the momentum waves that Bitcoin has formed over the past year and a half indicate that Bitcoin’s price will soon rise to between $90,000 and $100,000.
Bitcoin to $90,000
A crypto analyst pseudonymously known as 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 in predicting the price of Bitcoin.
According to the analyst’s shared BTC/US Dollar 2D timeframe, Bitcoin has been forming momentum waves in an uptrend since May 2023. The chart indicated that the recent correction since Bitcoin reached an all-time high of $73,780 is the fourth impulse wave formation. , which is generally known to be a corrective wave. Interestingly enough, the asset is now at a critical crossroads after rising to $56,800.
As noted by the analyst, Bitcoin will form its fifth (bullish) impulse wave and turn parabolic in the coming months. The first short-term price target is around $90,000 to $100,000. The second price target is around the expected peak of the fifth impulse wave, which is just below $150,000.
TechDev’s analysis is based on a similar five-pulse wave correction in 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’s price to its previous all-time high.
The impulsive structure of the past year and a half says 90-100,000 is next. $BTC pic.twitter.com/jboA0rQ3Qs
— TechDev (@TechDev_52) May 3, 2024
What’s Next for the Bitcoin Price?
At the time of writing, Bitcoin is trading at $63,275, up 6% in the last 24 hours. Since the launch of Spot Bitcoin ETFs in the US, Grayscale’s GBTC recorded its first day of inflows, with a total of $63 million on May 3. are hopeful and speculate how this could trigger a new bull run for the cryptocurrency.
According to an analyst Bitcoin has successfully defended a correction below the 21-day exponential moving average (EMA). The next step is to surpass 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
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