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Bitcoin analyst: Further increase to $120,000 to $130,000 expected
A crypto analyst who accurately predicted the bottom of the 2018 Bitcoin bear market believes BTC will move higher before it peaks. Based on the Elliott Wave Theory, the analyst expects a strong rally with the third wave as the strongest increase. He predicts gains of around 100% for Bitcoin before the uptrend ends. According to the analyst, the high of the current cycle could be between $120,000 and $130,000. The current Bitcoin price is $64,778. Stay up to date by signing up for our newsletter.
Bitcoin analyst: Further increase to $120,000 to $130,000 expected
Bitcoin analyst predicts further upside before peaking
A well-known crypto analyst who correctly predicted the bottom of the 2018 bear market believes that Bitcoin (BTC) can rise even further before reaching its peak. In a new video, pseudonymous analyst Bluntz explains to his 243,100 followers on social media platform X that Bitcoin appears to be in the midst of a wave three rally on the monthly time frame.
Bluntz applies Elliott Wave Theory, a technical analysis approach that attempts to predict future price movements by following crowd psychology that manifests itself in waves. According to the theory, a bullish price movement is accompanied by a five-wave rally, with wave three being the strongest and longest upward move.
According to the analyst, he anticipates Bitcoin price to rise by around 100% from current levels before the five-wave rally is complete. He predicts that Bitcoin will peak between $120,000 and $130,000. However, Bluntz does not believe Bitcoin will go much higher, noting that each cycle has lower multiples. He mentions that some crazy targets of over $200,000 were mentioned last week, but he expects the high of this cycle to be around $120,000 to $130,000.
At the time of writing, Bitcoin is trading at $64,778, up over 5% from the previous day.
A table with Bitcoin's past highs could be relevant here to illustrate the historical development and the potential for further price increases.
| Year | Bitcoin peaks |
|---|---|
| 2013 | $1,147 |
| 2017 | $19,783 |
| 2021 | $64,778 |
It should be noted that this prediction is based on an analyst's personal analysis and is not a guaranteed prediction of future Bitcoin price. Investors should conduct their own due diligence and be aware that investing in Bitcoin and cryptocurrencies always involves high risks.