Two weeks ago, crypto analyst Tolberti made headlines for his incredibly bullish Bitcoin price outlook. The analyst is back again with another prediction and this time around, he is telling investors to get into the market with reasons to back it up.

Last Chance To Buy BTC

In a recent post on Tradingview, crypto analyst Tolberti sounded a warning alarm that this is the last chance for investors to buy Bitcoin. The reason for this, according to Tolberti, is that the Bitcoin price is headed toward a massive rally.

Tolberti points to bulls having successfully broken through a major descending trend line which he points out on the BTC 12-hour chat. The analyst explains that this is the last chance to buy Bitcoin at this low price given that “This trendline has been destroyed by the bulls, and we also had a successful retest of it!”

As for where the Bitcoin price is headed, Tolberti believes that it will hit $39,000 toward the end of 2023. However, he warns that this is not going to be smooth sailing with resistance already at $29,167 where the 0.618 Fibonacci has been established in the previous wave.

On the longer time frame, using the Elliot Wave pattern, the analyst puts a “strong nest (1-2-1-2) or an expanding leading diagonal wedge (1-2-3-4-5).” at the $24,900-$28,500 range. “Both of them are bullish patterns and support the start of the bull market!” Tolberti explained further.

However, the analyst expects the Bitcoin price to perform poorly at the start of 2024. “I am prepared for the bull market that is coming in the next few weeks until January,” Tolberti said. “Expect January to be a bearish month.”

Where Is Bitcoin Price Headed?

Tolbert’s most recent Bitcoin price prediction focuses more on the short term for the last three months of the year. But his previous predictions give a more clear view of where he expects the price to reach, especially during a bull market.

In September, the crypto analyst posted an analysis in which he put the Bitcoin price as high as $130,000 by 2025. The chart showed a rise to the $80,000 level before a 30% retracement. After this, another bounce puts the price in the $130,000 range.

While Tolberti sees a bullish move for Bitcoin, Bloomberg analyst Mike McGlone expects that BTC will fall back to $10,000. McGlone does not see a bullish fourth quarter for Bitcoin, and coupled with rising interest rates, the analyst expects more of a decline.

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Filed under: Bitcoin - @ October 5, 2023 5:00 pm