The post Analyst Sets Timeline for Bitcoin Breakout to Elliott Wave 5 appeared on BitcoinEthereumNews.com.

Bitcoin fell below $61,000 amid geopolitical tensions within the Middle East, but technical and historical analysis suggests a potential recovery. Bitcoin’s price experienced a significant drop below $61,000 as heightened geopolitical tensions shook the markets. The conflict escalated after Iran initiated missile strikes on Israel, triggering a broad sell-off in the crypto space. Leading altcoins, including Ethereum and Solana, also faced steeper losses, with declines ranging between 5% to 15%. The pullback in prices has added pressure to the crypto market, which had seen relative stability in recent weeks. Bitcoin’s Wave (4) Correction Nears Completion Notably, a report shared by analyst Mikybull suggests that Bitcoin is close to the end of its correction. According to the analyst’s Elliott Wave theory chart, Bitcoin is currently in a corrective wave (4), part of a larger five-wave upward structure. The wave (4) correction is expected to conclude soon, potentially leading to a breakout into wave (5), which is typically an impulsive upward move. Mikybull predicts that the wave (5) expansion could occur this month, particularly on the 22nd. Bitcoin 1 week Chart The analyst also highlights key Fibonacci extension levels, with the 1.618 level positioned at over $90,000, marking a major resistance point for Bitcoin once the correction phase ends. There is also a 2.272 Fibonacci extension at $110,000, which could be a longer-term target for Bitcoin once wave (5) takes off. Alternative Bullish Outlooks  In addition to this technical analysis, other market watchers have shared more conservative bullish predictions. Raoul Pal, a known advocate for Bitcoin’s long-term potential, has backed a forecast made by another analyst, MartyParty, on X. This outlook is based on Wyckoff’s Accumulation model, which suggests that Bitcoin is currently in a prolonged accumulation phase, a setup that could precede a significant breakout. The analysis further projects Bitcoin surpassing…

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Filed under: News - @ October 3, 2024 4:21 pm