Bitcoin is currently in a critical phase that could see its price soar to new highs, according to two prominent market analysts.
Mikybull, a crypto market analyst, recently suggested that Bitcoin is entering its fifth and final Elliott Wave, which could propel its price toward a new all-time high. Simultaneously, Coinvo, another respected analyst, has drawn on historical halving trends to forecast a similar price target.
BTC Elliott Wave Analysis
Mikybull presented his analysis in a recent post on X. According to him, Bitcoin is currently at the cusp of the fifth wave, often regarded as the final wave of an uptrend in Elliott Wave theory.
The accompanying chart shows Bitcoin’s journey through the previous four waves. Notably, BTC began the third wave in Q4 2022 following a drop to the cycle floor at $15,000. The third wave allowed it to recover the losses of 2022, coming to a close at the all-time high of $73K in March this year.
Following the $73K all-time high, Bitcoin is now facing a correction, marking the fourth wave. During this fourth wave, the price has pulled back slightly, with Bitcoin now down 13% from the all-time peak. However, this phase is now close to an end, with BTC on the verge of entering the fifth wave.
Mikybull has identified two primary price targets for Bitcoin during this final wave. The first target sits at $95,000, based on the 1.618 Fibonacci extension level.
Meanwhile, the second, more ambitious target is $143,000, based on the 2.618 Fibonacci extension level. If Bitcoin adheres to this pattern, it could experience a significant surge in value as it completes its fifth wave.
Bitcoin Halving Trend Analysis
Supporting this optimistic outlook is Coinvo’s analysis of Bitcoin’s historical halving trends. In his report, the analyst highlighted the percentage gains observed between each halving cycle, revealing a consistent pattern of diminishing returns.
After the first halving, Bitcoin saw a staggering increase of 9,483%, followed by a 2,975% increase after the second halving. Meanwhile, the growth following the third halving was more modest at 702%.
Notably, by applying the trend of diminishing returns, Coinvo projects that Bitcoin could see a 124% increase following the fourth and most recent halving, which could push its price to approximately $143,881.
The convergence of these two analyses is crucial. Both Mikybull and Coinvo, using entirely different methodologies, arrive at a similar price target for Bitcoin: around $143,000. If Bitcoin indeed enters its fifth Elliott Wave, as Mikybull suggests, it would align with Coinvo’s halving trend analysis.
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