Bitcoin (BTC) is currently hovering around $21,000. For the past few months, the flagship crypto has struggled to truly break from this level. However, analysts remain formal. A significant breakout of this price range would be an important first step towards the bull market that players in the sector have been waiting for. For followers of Elliot Wave Theory and Fibonacci Extensions, a bright future for bitcoin (BTC) is near.
$161,800, the new goal for bitcoin (BTC)?
According to a new prediction from Coin Chartist based on the Fibonacci tool, bitcoin (BTC) could soon reach $161,800 on token. Indeed, the Fibonacci tool has always been part of the top tier arsenal of crypto traders. It is very often used to determine the right levels of investment and profit taking in the market.
It is important to note that the price of bitcoin (BTC) always tends to gravitate around key Fibonacci levels.
Confirmation of Elliot Waves
Fibonacci extensions were not the only analytical tool that predicted bitcoin (BTC) at $161,800. The Elliott wave theory also provides confirmation in this direction. That’s why Corner Chartist used it as part of the analysis of the price of crypto.
As a reminder, the Elliot wave theory helps to understand market cycles by identifying five main waves. Since bitcoin (BTC) is a cyclical asset, this theory allows for very good predictions on the flagship crypto. In addition, correlations with Fibonacci are ubiquitous. Bullish impulse waves tend to extend at the Fibonacci extensions. As for the corrective waves, they end at the Fibonacci retracement levels.
According to this theory, bitcoin (BTC) is currently at the end of the second corrective wave. This corresponds to a Fibonacci level and the potential start of the third impulsive wave. The theoretical target for this wave is also the $161,800 level.
No one can deny the effectiveness of crypto analyzes based on Fibonacci Extensions and Elliot Wave Theory. However, it is clear that bitcoin (BTC) is influenced by factors that can distort these analyses.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
