Through bullish and bearish rallies, crypto analysts have always given their predictions on where the price of cryptos like Bitcoin could end up. Mostly, this is the norm, but one analyst has taken a deep dive into the coin to give an in-depth analysis of Bitcoin’s upward rally. The analysis touches on several indicators as well as the widespread acceptance that BTC has recently received.Thank you for reading this post, don't forget to subscribe!
Bitcoin price up to $70,000
The analysis shared on TradingView shows a different side of the market that was previously untapped. According to Arshelev, analysts identify the period between March and August as the ‘stealth phase’, which is likely where most of the accumulation took place.
Subsequently, the crypto entered the ‘EW Channel’, which seems to serve as a bounce-off point for the rally. From here, it becomes easier to break above the $34,000 mark. But this is where things start getting interesting.
At this level, the analyst predicts a decline in price. This decline from $34,000 drops the price to as low as $31,000 before the rally begins again. The end of this retest leads to the top of the third wave where the price again reaches $50,000 before another decline.
This sent the price down to the $35,000 mark once again to mark the fourth wave before bouncing again in the fifth wave. Now, at this point, the analyst sees ‘media attention’ entering the game (possibly mainstream and traditional finance media), and a bounce from this level to the $70,000 mark.
BTC’s roadmap to $70,000 Source: tradingview.com
factors driving motion
Crypto analysts present seven key factors that are behind Bitcoin’s bullish market prediction. For starters, the first one is what everyone expects – the almighty Bitcoin halving. This event is undoubtedly the most bullish in the history of Bitcoin and its recurrence is expected to fuel the bullish market.
Next on the list is the Impulse Structure and the Rising Channel where the analyst believes that the BTC price is “painting a compelling picture on the daily time frame.” As already mentioned above, this leads to speculations of a third wave. The analyst believes that the market is in the third wave, the fourth wave is a downtrend and the fifth wave is above $70,000.
Fourth on the list is the Wyckoff accumulation pattern in which Bitcoin is already showing strength. Then there is the Bollinger Bands Width squeeze which has dropped to 2014 levels. “This rarity increases Bitcoin’s growth potential, which serves as a strong indicator for investors,” says Arshelev.
The sixth factor is historical comparison where the current price action is compared to past market trends. As the analyst points out, the 2023 bear market looks very similar to the 2015 bear market, and could see the price increase by almost 100% as it did in 2015. This will take the price of Bitcoin above $50,000.
Last but not least is the institutional interest which has been increasing recently. Mostly, it’s driven by the enthusiasm of BlackRock, the world’s largest asset manager, to apply for a spot Bitcoin ETF and potentially bring Bitcoin into its more than $8 trillion portfolio.
Arshevelev explains that the Spot Bitcoin ETF “promises to be a game-changer” due to its ability to connect TradeFi to crypto and allow more money to flow into Bitcoin. “The arrival of ETFs not only symbolizes regulatory acceptance but also invites a wave of retail participation,” the crypto analyst said. “The expectation is that institutional investors will further consolidate this upward trajectory as we approach the holiday season.”
BTC fell to $34,398. Source: BTCUSD on tradingview.com
Featured image from Crypto Basics, chart from tradingview.com