Elliott Wave Analysis Suggests New ATH Of $170,000
As the cryptocurrency market experienced violent fluctuations at the beginning of the year, the price of Bitcoin (BTC) recently entered a consolidation stage after a sharp rise.
At present, the market -leading cryptocurrency is hovering above the key milestone of $ 100,000, and analysts said the price may rise further.
Analysts warn “excessive bullish emotions”
In detail analyze Market experts named Daily Crypto Trading on social media proposed that the Eliot wave theory was used to predict the next trend of Bitcoin.
Based on this analysis, the market may go through a flat correction wave with a target within $ 90,000. The analysis confirmed that the recently flat ABC structure adhered to the level of 89-90K, indicating that the fourth wave has been completed.
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Analysis emphasizes that although the emotions around Bitcoin’s future are “extremely optimistic”, this can usually be used as a warning signal.
As “Daily Crypto Trading” pointed out, “Although the fourth wave has ended, the market sentiment is too optimistic, which is usually a dangerous signal.” Encourage investors The probability, but does not guarantee the result.
this Macroeconomic pattern It is also important to understand the trajectory of Bitcoin. Daily Crypto Trading has previously discussed the potential impact of the upcoming economic recession, indicating that macroeconomic factors must be considered before the technical analysis.
What does a price breakthrough of $ 130,000 mean Bitcoin?
The Eliot wave theory is very accurate in previous predictions and is a key component of this analysis. It assumes that the market trend is predictable waveThe current focus is the last sub -wave of the fourth wave.
Experts predict that if Bitcoin exceeds the key level of $ 109,000, it will confirm the beginning of the pulse wave 5, indicating that the bullish will continue.
If Bitcoin achieves a strong wave of waves, it is expected that the price will increase by 40-50%over the current level, of which Fibonacci expansion The level indicates that the target is $ 113,000, $ 117,000, or even $ 121,000.
However, there is a warning: the wave may be cut, resulting in the formation and subsequent correction of the double top, or it may not be able to reach a new level History (ATH). Therefore, breaking through the $ 109,000 mark is considered a key milestone to increase the possibility of an increase of a breakthrough of $ 120,000.
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On the contrary, if Bitcoin falls to a $ 90,000 area, it indicates that a rule of jagged pattern is formed, which means that the fourth wave may not be completed.
As an emergency measure, the invalid point has been determined to be $ 130,000; breaking this level may mean an unpredictable bullish breakthrough, with a target of 170,000 US dollars.
At present, the price of BTC transactions is $ 104,300, down 1.4%in 24 hours.
Selected pictures are from Dall-E, and the chart comes from tradingView.com
