bullish

Bitcoin

<ul>
 <li><strong>Bitcoin is poised for a major bullish breakout, potentially reaching as high as $190,000, based on Elliot Wave Theory analysis by BullBear Trading.</strong></li>
 <li><strong>The theory identifies psychological patterns among investors, suggesting an upward trajectory after a conclusive wave pattern.</strong></li>
</ul>
<p><a href="https://www.ethnews.com/could-bitcoin-btc-early-dogecoin-millionaires-be-eyeing-this-solana-sol-backed-token-for-50x-returns/" rel="noopener noreferrer nofollow">Bitcoin</a>, the premier cryptocurrency, has exhibited a pricing behavior that closely correlates with the Elliot Wave Theory, suggesting a nearing completion of its bullish consolidation. This pattern, often observed as a predictive tool in financial markets, indicates that Bitcoin may soon embark on an explosive upward trajectory.</p>
<h2 id="market-psychology-and-elliot-wave-analysis">Market Psychology and Elliot Wave Analysis</h2>
<p>The Elliot Wave Theory, a revered analytical approach in trading circles, provides insights based on investor psychology and market sentiment, manifesting in predictable wave patterns. These patterns are divided into impulse waves, which propel the price according to the prevailing trend, and corrective waves, which offer a temporary reversal. According to BullBear Trading’s daily chart analysis, <a href="https://www.ethnews.com/could-bitcoin-really-hit-150000-this-year-what-experts-are-predicting/" rel="noopener noreferrer nofollow">Bitcoin</a> has recently completed its fourth wave; a corrective phase which typically sets the stage for a substantial bullish impulse in the fifth wave.</p>
<p><a href="https://www.ethnews.com/bitcoin-and-altcoins-drop-despite-us-cpi-decline-fed-rate-cuts-to-shock-the-market-top-5-crypto-picks-to-win-on-crypto-bloodbath/" rel="noopener noreferrer nofollow">Bitcoin</a>’s recent fluctuation above and below the $60,000 mark is a testament to its preparation for a breakthrough to record highs. This impending fifth wave is anticipated to be the most robust, potentially pushing the prices to unprecedented levels.</p>
<p>Drawing parallels with previous wave patterns, notably the completion of waves 1 and 2, BullBear Trading highlights that the onset of the third wave was <a href="https://www.ethnews.com/can-these-cryptos-overtake-bitcoin-in-2024-xrp-arb-and-trx-and-new-rising-star-make-their-case/" rel="noopener noreferrer nofollow">marked by</a> a compression in moving averages, signaling accumulation and an imminent trend reversal. This pattern suggests a similar buildup is currently underway, which could culminate around mid to late September.</p>
<p>The fourth wave, characterized by lateral or downward correction within an overarching bullish trend, offers strategic opportunities for investors. If <a href="https://www.ethnews.com/can-these-cryptos-breakout-and-beat-bitcoin-by-year-end/" rel="noopener noreferrer nofollow">Bitcoin</a> maintains its momentum and navigates past the potential resistance bracket of $72,000 to $74,000, it could solidify the foundations for the fifth wave’s launch.</p>
<h2 id="potential-for-a-new-price-peak">Potential for a New Price Peak</h2>
<p>Should the fifth wave mimic the 180% surge observed during the third wave, <a href="https://www.ethnews.com/unprecedented-fines-levied-by-sec-reshape-bitcoin-ecosystem-regulation/" rel="noopener noreferrer nofollow">Bitcoin</a>’s value could soar to around $190,000. This forecast aligns with BullBear Trading’s projection range of $100,000 to $300,000. However, the analyst also cautions that a fallback into the $50,000 to $53,000 range could necessitate a reassessment of the bullish scenario, potentially derailing the momentum built since November 2022.</p>
<p>Further bolstering the bullish outlook are key on-chain metrics: a reduction in Bitcoin reserves on exchanges and an uptick in stablecoin reserves. These indicators suggest a decrease in selling pressure and an accumulation of capital poised to flow into <a href="https://www.ethnews.com/record-growth-in-bitcoin-etfs-why-investment-advisors-are-jumping-on-the-crypto-bandwagon/" rel="noopener noreferrer nofollow">Bitcoin</a>, respectively. Such trends not only decrease the available supply but also hint at a preparedness among investors to escalate their asset holdings, potentially driving up demand and price.</p>
<div class="cryptoboxes" id="mcw-12344" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="BTC" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div>
<p>The post <a href="https://www.ethnews.com/bitcoins-bullish-breakout-beckons-elliot-wave-theory-predicts-surge-to-190000/" rel="noopener noreferrer nofollow">Bitcoin’s Bullish Breakout Beckons: Elliot Wave Theory Predicts Surge to $190,000</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.</p>

Bitcoin’s Bullish Breakout Beckons: Elliot Wave Theory Predicts Surge to $190,000

Table of Contents

ETHNews

Other articles published on Sep 13, 2024

SilentSwap Launch Set to Redefine DeFi with Unmatched Privacy and Security

Chainlink (LINK) Eyes $12: Rising Open Interest Hints at Breakout

New Trump Crypto Project ‘World Liberty Financial’ Is Here

HYBE’s Subsidiary BINARY KOREA Partners with Coinbase to Launch Onchain Engagement Protocol

Web3 Accelerator Beacon Launches Largest Cohort of 17 Innovative Projects

New Solana Memecoin Pepe Rektember Skyrockets Over 600% and Will Surge 16,000% Ahead of Exchange ...

Join our free newsletter for daily crypto updates!