Bitcoin Poised For ‘Blow-Off Top’: Elliott Wave Analysis Suggests New ATH Of $170,000
2025年1月27日 - 12:00PM
NEWSBTC
The Bitcoin (BTC) price has recently entered a consolidation phase
following significant upward movements, as the cryptocurrency
market experiences heightened volatility at the start of the
year. Currently, the market’s leading cryptocurrency is
hovering above the critical $100,000 milestone, with analysts
suggesting that further price increases could be on the horizon.
Analyst Warns Of ‘Overly Bullish Sentiment’ In a detailed analysis
by a market expert known on social media as Daily Crypto Trading,
the Elliott Wave Theory is being employed to predict Bitcoin’s next
moves. According to this analysis, the market could be
witnessing a flat corrective wave, with a target in the range of
$90,000. The analysis confirms that the recent flat ABC structure
held firm at the 89-90k levels, indicating that wave 4 has
completed. Related Reading: XRP Forms A Bullish Pattern In
4-Hour Chart – Analyst Expects $4.20 After Breakout The analysis
highlights that while the sentiment surrounding Bitcoin’s future is
“overwhelmingly bullish,” this can often serve as a cautionary
sign. As Daily Crypto Trading notes, “Even though wave 4 is
done, the sentiment is overly bullish, which is normally a red
flag.” Investors are encouraged to approach the situation with
caution, acknowledging that while the analysis is rooted in
probability, it does not guarantee outcomes. The macroeconomic
landscape is also crucial for understanding Bitcoin’s trajectory.
Daily Crypto Trading has previously discussed the potential impact
of an impending recession, suggesting that macroeconomic factors
must be considered before diving into technical analysis.
What A $130,000 Price Breach Means For Bitcoin? The Elliott Wave
Theory, which has been notably accurate in previous predictions, is
a key component of this analysis. It posits that markets move in
predictable waves, and currently, the focus is on the final
sub-wave of wave 4. The expert anticipates that if Bitcoin
surpasses the critical level of $109,000, it will confirm the onset
of impulsive wave 5, suggesting a bullish continuation. Should
Bitcoin achieve a strong wave 5, projections indicate a potential
price increase of 40-50% from the current levels, with Fibonacci
extension levels suggesting targets of $113,000, $117,000, and even
$121,000. However, there is a caveat: the wave could be
truncated, leading to a double top formation and subsequent
corrections, or it may fail to reach a new all-time high (ATH).
Thus, surpassing the $109,000 mark is deemed a critical milestone
for increasing the likelihood of a blow-off top reaching $120,000.
Related Reading: Ethereum Price Eyes $4,000 With Rising Channel
Pattern Conversely, if Bitcoin were to dip back to the $90,000
area, it would indicate the formation of a regular zigzag pattern,
implying that wave 4 may not be complete. As a contingency,
an invalidation point has been established at $130,000; a breach of
this level could suggest an unforeseen bullish breakout toward a
target of $170,000. Currently, BTC is trading at $104,300,
recording losses of 1.4% in the 24-hour time frame. Featured
image from DALL-E, chart from TradingView.com
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