Bitcoin Price To $130,000 By January, Here’s The Roadmap
16 Outubro 2024 - 6:00PM
NEWSBTC
According to a technical analysis from analyst Xanrox, the Bitcoin
price is on the road to reaching the $130,000 mark in the next few
months. Notably, this bullish price target might go unnoticed as
one of many positive predictions that have surrounded the Bitcoin
price in recent times. However, Xanrox’s prediction is intriguing
as it also comes with a bearish outlook after the price target is
fulfilled. To support his forecast, Xanrox relied on a combination
of Fibonacci extensions and Elliott impulse waves, two of the most
popular analysis tools. Together, these tools allowed Xanrox to not
only pinpoint a journey to the $130,000 target but also a sharp
retracement to $60,000, Bitcoin Price Roadmap To $130,000
Taking to TradingView to share his views, crypto analyst Xanrox
highlighted that the Bitcoin price is now on its way to playing out
the fifth Elliot impulse wave, having already completed the fourth
impulse wave in August. Related Reading: Crypto Analyst Identifies
Bull Flag That Could Send Solana Price To $1,400 Impulse waves,
which are five in total, are a part of the two main types of waves
in the Elliot Wave theory, with the other being corrective waves.
An impulse wave is a strong, directional movement in the market
that goes in the direction of the overall trend. These waves are
divided into five sub-waves, labeled 1 one through 5. The
odd-numbered waves (1, 3, and 5) represent the driving forces
behind the trend, while the even-numbered waves (2 and 4) are
periods of consolidation that provide a pause before the next leg
of the trend. According to Xanrox’s analysis, Bitcoin officially
kicked off Wave 5 after it hit a correction low of $49,000 in
August. This marked the end of Wave 4, which had acted as a
consolidation period following the dramatic rally seen during Wave
3, with the Bitcoin price reaching a new all-time high. Now, with
the final impulse wave underway, the focus has shifted to how high
Bitcoin might climb. To predict the potential peak of Wave 5,
Xanrox employed Fibonacci extensions. Interestingly, when the
Fibonacci extension is applied from the Wave 4 low, the 0.618 Fib
extension aligns perfectly with a major trendline that has marked
the peaks of both Wave 1 and Wave 3. As such, this suggests
that the 0.618 Fib extension could play a pivotal role in the next
phase of Bitcoin’s price action. At the point of this intersection
lies a price target of $130,000, which represents a significant
100% increase from the current levels. Related Reading: XRP Price
Growth: Analyst Breaks Down The Movements And Why It’s So What Next
After $130,000? Xanrox’s outlook doesn’t end with just a bullish
price target. The analyst also cautioned and highlighted the
possibility of a sharp reversal after Bitcoin reaches its
fifth-wave peak. Drawing on patterns, he noted that Bitcoin’s
previous waves have experienced significant corrections between 70%
and 80% once the impulse wave cycle concludes. For this
reason, Xanrox predicted that Bitcoin could crash rapidly to
$60,000 after reaching $130,000, likely by January 2025. Featured
image created with Dall.E, chart from Tradingview.com
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