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Cryptocurrency enthusiasts today once again focused on the record-breaking price of Bitcoin. BTC reached a new high of $69,990 today. Now everyone is curious whether there will be another price increase for Bitcoin. While one analyst suggests that the upward movement in BTC‘s price could continue, there are also warnings of a potential decline. Let’s examine these assessments.
Will Bitcoin’s Upward Movement Persist?
The analyst from CoinsKid offers a bold analysis on the future of Bitcoin, the flagship of cryptocurrencies. The analyst, who drew attention with his prediction last September, believes that Bitcoin still has upward momentum and claims that a bear market is just a corrective phase of a bull market.
In particular, we see that CoinsKid’s prediction last September was based on the forecast that the cryptocurrency Bitcoin would reach all-time highs (ATH). To support this prediction, he used data such as the Dollar Index (DXY), S&P 500, and Ethereum. After today’s movements, he points out that Bitcoin has recorded a new ATH of $69,990 by looking at the data.
How Should the Current Rally Be Interpreted?
According to CoinsKid, the current rally should be considered a recovery phase. The analyst claims that Bitcoin is in the third wave of a five-wave model known as the Elliot Wave. Along with this rally, he notes that both the cryptocurrency BTC and the S&P 500 have achieved new ATHs and suggests that Ethereum has similar potential.
However, CoinsKid also suggests that after the completion of the Elliot Waves model that started in November 2022, Bitcoin could enter a bear market. Among the factors that could trigger this situation, he lists elements such as the Money Wall, Spot ETF, and Super Cycle Theory.
Analyst CoinsKid argues that the cryptocurrency Bitcoin will create a fifth wave before completing the current Elliot Wave model. However, he warns that after the completion of this model, a severe bear market could emerge, leading to significant losses for Bitcoin. At the time of writing, we see that the cryptocurrency Bitcoin has slightly retreated after the $69,990 rally. BTC is trading at $67,830 as of writing this article.
