The direction of where the Bitcoin price could be headed next has been a bone of contention among industry players. Numerous forecasts have been made for the pioneer cryptocurrency, but one crypto analyst maintains that Bitcoin continues to be bullish even through its current choppy movements.
Crypto Analyst Predicts Further Upside For Bitcoin
Crypto analyst Tony “The Bull” Severino took to X (formerly) Twitter to share their analysis for where they believe the price is headed next. The analyst who has been known to be bullish on Bitcoin since the FTX crash rocked the market has maintained his bullishness, believing that Bitcoin can move up from here.
In the chart shared with the post, the analyst outlines different points of the Elliot Wave Theory that could be playing out in the market right now. He explains that the current price movement may be playing out to a valid wave pattern. But nonetheless, shows what could happen if this does happen to be the case.
Using this wave theory, it would seem that the Bitcoin price is still quite bearish in the short term. With the third wave already completed, it puts the market in a position to play out the fourth wave. Usually, this fourth wave results in a price crash, and in this case, such a crash could send the price below $40,000.
I don’t think this is a valid #Bitcoin Elliott Wave count/pattern but this would really shake up bulls, yet still ultimately be very bullish. This would even chop me up pic.twitter.com/QIErb6wP2m
— Tony “The Bull” Severino, CMT (@tonythebullBTC) April 25, 2024
The crypto analyst warns that such a crash would be brutal, saying, “This would really shake up bulls, yet still ultimately be very bullish.” From the current price level, a crash below $40,000 would mean that the Bitcoin price would lose around 40% of its value.
BTC Price Still Set To Outperform
Despite the bearish expectations for the short term, Tony The Bull maintains his bullish outlook for the long term. Following the fourth wave in Elliot’s Wave Theory is the 5th and final wave, which is arguably the most bullish of all the waves
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If the Bitcoin price plays out the way the analyst expects, then the bounce back could put the digital asset to six digits. However, it doesn’t stop there, as the analyst expects the price to cross $300,000, reaching a peak of $357,183, as outlined in the chart.
As for the timeline for this, the analyst shows an end time somewhere between 2025 and 2026. This gives it an around two-year window to play out, if it does turn out to be a “valid Elliot Wave count/pattern.”
BTC price dips below $64,000 | Source: BTCUSD on Tradingview.com
Featured image from Crypto News, chart from Tradingview.com