As a seasoned crypto investor with a few years of experience under my belt, I’ve seen the volatile nature of the Bitcoin market firsthand. The constant price swings and market predictions can be overwhelming at times, but I remain optimistic about the future of Bitcoin.
As a researcher studying the cryptocurrency market, I’ve noticed that there’s ongoing debate among industry players about the future direction of Bitcoin‘s price. Many forecasts have been proposed for this pioneering digital currency, but one crypto analyst believes that Bitcoin remains bullish despite its recent choppy movements.
Crypto Analyst Predicts Further Upside For Bitcoin
Crypto expert Tony “The Bull” Severino expressed his predictions for Bitcoin’s future price trend on X (previously known as) Twitter. Known for his optimistic perspective on Bitcoin since the FTX market turmoil, Severino remains confident in Bitcoin’s potential to increase in value.
In the posted chart, the analyst illustrates potential applications of the Elliot Wave Theory currently shaping the market. By describing the current market trend as a possible manifestation of this theory, the analyst provides insight into what might transpire based on its principles.
Based on the wave theory, it appears that Bitcoin’s price remains bearish in the short term. After completing the third wave, the market is now prepared for the forthcoming fourth wave. Historically, this fourth wave has led to a significant price downturn. Consequently, a potential crash could cause the price to plummet below $40,000.
I have doubts about the accuracy of this proposed Bitcoin Elliott Wave count/pattern. However, if it were true, it could cause significant turbulence for bulls, but in the end, it would likely lead to a continuation of the bullish trend. This scenario would give me quite a scare.
— Tony “The Bull” Severino, CMT (@tonythebullBTC) April 25, 2024
As a crypto analyst, I cannot help but issue a stark warning: a potential crash below $40,000 would inflict a significant blow on Bitcoin bulls. However, I believe that this setback would ultimately prove to be rather bullish. From our present vantage point, such a decline would represent a substantial loss of roughly 40% of Bitcoin’s value.
BTC Price Still Set To Outperform
In contrast to the pessimistic views held for the near future, Tony The Bull remains optimistic about the market’s long-term prospects. According to Elliott Wave Theory, we are currently in the fifth and final wave, which is renowned for its bullish tendencies.
As an analyst, I anticipate that if Bitcoin follows my forecast, it will rebound and hit six digits in price first. However, this is not the final destination. Based on my analysis and the chart I’ve examined, I believe the price will continue to surge and eventually cross the $300,000 mark, peaking at an impressive $357,183.
According to the analyst’s projection, the event in question is expected to conclude some time between 2025 and 2026. This leaves approximately two years for its unfolding, assuming the identified Elliott Wave count or pattern is accurate.
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2024-04-26 23:11