A crypto analyst recently took to X (formerly Twitter), boldly predicting a new Target price of Bitcoin in Q1 2025. The analyst, who analyzed the future price of Bitcoin using the Elliott Wave theory, predicts that the 4th Wave will end with a price crash at $91,000 while the 5th Wave will see BTC rise to $210,000 in this cycle of bulls.
Wave 5 To Drive Bitcoin Price To $210,000
On January 10, a crypto analyst known as “Capt. Parabolic Toblerone” he predicts that Bitcoin will reach $210,000 before Valentine’s Day in 2025. The analyst shared a Bitcoin price chart from Q4 2024 to now, which shows technical analysis of cryptocurrency price action based on Elliott Wave Theory.
The analyst’s chart points to the first four waves of the Elliott Wave pattern, and Bitcoin is currently close to completing the Wave 4 correction. Elliott Wave theory is a technical analysis that uses price patterns to predicting market movements.
Generally, Elliott Waves progress from 1 to 5, representing a different phase of the trend. While Wave 1 marks the beginning of a new trend, Wave 2 shows a reversal of Wave 1. Wave 3 is the strongest and longest phase of all, usually driving the cryptocurrency higher. Meanwhile, Wave 4 indicates a price correction and consolidation, and finally, Wave 5 highlights a a possible bullish reversal and the end of the pattern.
In the case of Bitcoin, the analyst predicts that Wave 4 could end with price crash to $91,000. On the other hand, Wave 5 is expected to be a strong upward movement, described by a crypto analyst as “top-off top.”
According to his analysis, Wave 5 is expected to drive the price of Bitcoin to about $ 210,000 before February 14, which corresponds to the high level of the 6.618 Fibonacci extension. Analyst labeled this bullish price target as at the top of the cyclewhich means $210,000 would be the highest Bitcoin could see in this four-year cycle.
Since Bitcoin is currently trading at $94,306, the analyst is marking several Fibonacci retracement and expansion levels on the chart, showing resistance and support areas.
A Big Post-High Price Correction is Expected
While predicting a Bitcoin market up of $210,000, the price chart of Capt. Parabolic Toblerone for Bitcoin highlights the possibility ABC repair structure following top-off top. A correction could see Bitcoin drop significantly, perhaps dipping below $100,000. This pullback will represent more than a 50% crash if Bitcoin reaches the predicted $210,000 market peak.
The expected decline is in line with the historical patterns of the bull cycle, where bullish circles are broken new ATHs preceded by a sharp decline. In the case of Bitcoin, this decline could be the beginning of its anticipated bear market. Regarding this possible price crash, the crypto analyst advises caution to Bitcoin and altcoin investors, suggesting that traders “get out of all alts” when BTC reaches the predicted high.
Featured image from Fortune, chart from TradingView