Industry players have differing opinions on the direction of Bitcoin’s price movement. Despite current choppy movements, one crypto analyst maintains a bullish outlook on Bitcoin.
Crypto Analyst Foresees More Upside For Bitcoin
Crypto analyst Tony “The Bull” Severino shared their analysis on where they believe Bitcoin’s price is headed next. The analyst, known for being bullish on Bitcoin since the FTX crash, remains optimistic about Bitcoin’s potential for growth.
In their analysis, the analyst outlines points of the Elliot Wave Theory that could be influencing the current market movements. They suggest that the current price action might follow a valid wave pattern, providing insights into potential future scenarios.
Based on the wave theory, short-term projections indicate a bearish trend for Bitcoin’s price. With the completion of the third wave, the market is poised for a potential fourth wave, which could lead to a price crash 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.com/QIErb6wP2m
— Tony “The Bull” Severino, CMT April 25, 2024
The analyst warns of a potential brutal crash, stating, “This would really shake up bulls, yet still ultimately be very bullish.” A crash below $40,000 could result in a loss of approximately 40% of Bitcoin’s value.
BTC Price Poised for Long-Term Growth
Despite short-term bearish projections, Tony The Bull remains optimistic about Bitcoin’s long-term performance. Following the fourth wave in Elliot’s Wave Theory is the 5th and final wave, believed to be the most bullish phase.
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If Bitcoin follows the analyst’s projections, a bounce-back could propel the digital asset to six figures. The analyst anticipates the price crossing $300,000 and peaking at $357,183, according to their chart.
The analyst predicts these developments to unfold between 2025 and 2026, providing a two-year window for the scenario to play out, assuming it follows 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
