Crypto analyst CryptoBullet has shared a bold Bitcoin price forecast for the next two years. The prediction suggests an upward move to and above 100k then a sharp correction.
Moreover, CryptoBullet’s analysis shared on X utilizes Elliott Wave theory and Fibonacci levels. He uses this theory and indicator to project Bitcoin’s movements within a long-term ascending channel.
CryptoBullet believes Bitcoin is completing Wave 4 of the Elliott Wave cycle. This phase, characterized by consolidation, precedes the final upward surge. The analyst expects a breakout from the current “chopsolidation” pattern, leading to a rally towards the cycle top.
The analyst projects Wave 5, the final upward move, to reach from about $95k to $100k. This target coincides with the 1.618 Fibonacci extension and the price channel’s upper boundary. CryptoBullet predicts a peak around December 2024 and March 2025.
#Bitcoin 2-Year Outlook Bull Market Top – $95-100k Bear Market Bottom – $23-25kI think we’re completing Wave 4 right now, which means we’ll definitely break out of this chopsolidation and rally into the cycle top My target for Wave 5 is the confluence of 1.618 Fib… pic.twitter.com/476CZEOfFQ
— CryptoBullet (@CryptoBullet1) August 19, 2024
BTC’s Bearish Outlook
Following the projected peak, CryptoBullet foresees a bearish turn. The analyst expects a rejection at the channel’s upper limit, initiating a downward trend. This bearish phase is divided into three waves, mirroring the Elliott Wave structure.
Wave A, the initial decline, is expected to find a temporary low in summer 2025. Subsequently, Wave B, described as a “Dead Cat Bounce,” might occur from September to December 2025. This brief relief rally could trap optimistic investors before the final descent.
Wave C, projected to be the most painful, could span the entirety of 2026. CryptoBullet targets a bottom range of $23,000 to $25,000 for this final bearish wave. This low aligns with the lower boundary of the long-term price channel.
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Show more +Show less – A Conservative BTC Price Prediction
CryptoBullet’s analysis stands out for its conservative nature. The analyst avoids extreme price predictions, such as $250,000 or $1 million targets often seen in the crypto space. This measured approach lends credibility to the forecast.
However, CryptoBullet acknowledges potential for higher prices. A break above the multi-year channel could invalidate the bearish scenario. In such a case, Bitcoin might reach up to $200k, surpassing the current projections.
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Macro Factors and Channel Boundaries
The analyst emphasizes the importance of macroeconomic conditions. Dramatic changes in the broader economic landscape could alter Bitcoin’s trajectory.
Channel boundaries play a crucial role in CryptoBullet’s analysis. The upper limit serves as both a target for the bullish phase and a potential rejection point. Conversely, the lower boundary offers a logical endpoint for the bearish cycle.
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