Analyst Predicts Bitcoin Bull Cycle to Last Until 2025, Eyes $100K Target
11.07.2024 13:00 1 min. read Alexander Stefanov
A crypto analyst known on X (Twitter) as Bluntz said Bitcoin's bull cycle isn't over yet and could last until early 2025.
Based on Bluntz’s chart, it appears that Bitcoin has recently completed the fourth wave of a five-wave pattern on the weekly timeframe, consistent with Elliott’s wave theory.
The chart also shows that Bitcoin could complete the fifth wave of the pattern that began in late 2022, potentially reaching a price just under $100,000.
According to Elliott’s theory, the main price trend of an asset moves in a five-wave pattern, while corrections occur in a three-wave pattern.
The analyst also noted that Bitcoin exhibits a bullish divergence signal on the daily time frame.
Bullish divergence usually occurs when the price of an asset is in a downtrend while an indicator, such as the Relative Strength Index (RSI), is in an uptrend.
Bullish divergences are usually seen as signals of a reversal from a downtrend to an uptrend in the market.
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