Bitcoin's next bull market could peak at $95K-$100K by early 2025, according to Elliott Wave theory projections.
Bear market bottom for Bitcoin is expected between $23K-$25K during 2026 following a major correction phase.
Bitcoin's short-term outlook shows bearish sentiment, with resistance at $62K and potential consolidation around $57K.
In a recent analysis shared on X, a prominent crypto analyst, @CryptoBullet1, outlined a two-year outlook for Bitcoin that projects substantial price movements. According to the analyst, Bitcoin is currently completing Wave 4 of an Elliott Wave cycle, which could lead to a substantial rally into a potential bull market peak of $95,000 to $100,000.
https://twitter.com/CryptoBullet1/status/1825472844572012900
This prediction comes with the expectation that Bitcoin will break out of its current consolidation phase, often referred to as "chopsolidation," and advance towards the next cycle top.
Elliott Wave Cycle Points to Bull Market Peak
The analyst's forecast relies on the application of Elliott Wave theory, which is commonly used to predict market cycles. In this scenario, the current market position is seen as the fourth wave of a five-wave cycle.
The anticipated fifth wave is projected to push Bitcoin's price to the range of $95,000 to $100,000, which aligns with the 1.618 Fibonacci extension level. This extension is a widely recognized indicator for identifying potential wave completions.
Source: CryptoBullet1 on X
The projection suggests that this peak could be reached between December 2024 and March 2025, at which point the market is expected to face resistance and enter a corrective phase.
Bear Market Expected After Reaching Cycle Top
After achieving the anticipated peak, the analyst predicts a transition into a bear market. This phase is expected to unfold through an A-B-C correction pattern, where Bitcoin's price could bottom out between $23,000 and $25,000.
The initial wave of this correction is anticipated to occur in mid-2025, with a temporary recovery phase, often referred to as a "Dead Cat Bounce," occurring between September and December of that year. The final and most challenging phase, labeled as Wave C, is projected to dominate 2026, leading to a significant price decline.
Short-Term Outlook Highlights Bearish Sentiment
At press time, Bitcoin was trading at $58,250, the price shows a slight downward trend. Notably, the price is struggling to hold above key Fibonacci retracement levels, with the 61.8% retracement at $62,024.28 acting as a notable resistance point.
Source: CryptoRank
Bitcoin's position below the 9-period exponential moving average (EMA) and the relative strength index (RSI) of 42.44 indicate a bearish to neutral market sentiment. However, should Bitcoin maintain support around the 38.2% Fibonacci level, there may be potential for consolidation before any possible reversal.
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