Bitcoin has yet to remove the burden of the $100,000 level since it initially crossed this psychological barrier in early December 2024. While it has succeeded in trading above this mark on several occasions, the surges have been brief, with BTC dropping back below $100,000 in recent months. Significantly, at the moment of writing, the asset is priced beneath this threshold, having recently fallen below $91,000 within the last week. Nonetheless, the outlook for Bitcoin continues to be positive, with technical analysis indicating that the trajectory towards $180,000 remains plausible.
Bitcoin’s Elliott Wave Pattern Aligns With Positive Outlook Towards $180,000.
The challenge for Bitcoin in sustaining a continuous breakout above $100,000 has caused many cryptocurrency traders to wonder when the subsequent upward movement will commence. This is due to the fact that traders recognize that a bullish Bitcoin signifies a favorable period for other cryptocurrencies. Notably, a crypto analyst on TradingView believes the solution lies within the Elliott Wave theory, suggesting that BTC is set to surge to $180,000 at a time when market sentiment is at its lowest.
The analyst emphasizes that Bitcoin’s price movement remains in line with the Elliott Wave principle, which monitors market cycles through recurring patterns of investor behavior. Despite Bitcoin’s recent fluctuations, its overall structure maintains a bullish outlook, and the ongoing correction corresponds with the expected sub-wave formations.
According to the analyst, Bitcoin has successfully completed sub-wave 4 following the price drop last week. Importantly, wave 4 marks the second corrective phase in the Elliott wave sequence before the fifth and concluding upward move. Considering this, the forthcoming movement will represent the final bullish leg of this cycle, ultimately propelling Bitcoin towards a new all-time high.
Regarding price forecasts, the analyst anticipates an all-time high target of $187,000 during the fifth and final wave. The analyst also pointed out the emergence of a rounding bottom pattern, which supports the optimistic projection. Interestingly, a cup and handle breakout pattern is also present on the larger timescale. This cup and handle formation suggests a prolonged rally with a concluding price target around $307,000.
When Could BTC Achieve $180,000?
The analyst’s chart indicates that BTC’s ascent toward $180,000 will occur within the current macro cycle. Given the completion of sub-wave 4 and the expectation of a final thrust within the ongoing Elliott Wave format, the analyst estimates that Bitcoin will hit the $180,000 mark sometime around the close of March 2025. With the asset currently trading at $97,200, this translates to an anticipated 85% movement within the upcoming seven weeks.
Looking further ahead, the analyst also envisions BTC reaching $307,000 sometime around October 2025. However, the precise timeline remains unpredictable, and the first significant obstacle will be a definitive breakout above $100,000. The pace at which Bitcoin bulls can surpass this threshold will largely dictate how swiftly it can achieve these price targets.
Featured image from Unsplash, chart from Tradingview.com
