Bitcoin Analyst Predicts Correction to $31,800 Using Elliot Wave Theory
Bitcoin seems to be stuck in a consolidation zone between $50,000 and $52,000, leaving many speculating about its next move. Crypto analyst Alan Santana has used the Elliot Wave Theory to make a prediction. According to his analysis on TradingView, the theory suggests that Bitcoin’s price is headed for a correction.
- The Elliot Wave theory consists of five waves, with three already completed.
- The fourth wave, which follows a very bullish third wave, is expected to be more bearish.
- Santana believes this correction could bring the price down to around $31,800.
Bitcoin’s Potential Top at $138,000
The Elliot Wave theory not only indicates a potential correction but also provides insight into where Bitcoin’s top might be. Santana uses one of the two Wave Principle methods to forecast this price.
- The peak of the third wave is around $52,985.
- According to the Wave Principle, the peak of Wave 5 would be three times higher than that of Wave 3.
- This calculation leads Santana to predict a cycle top of $138,714.
Hot Take: Bitcoin’s Future Price and Timeline
Based on the Elliot Wave Theory system, Santana suggests that Bitcoin could reach a peak of $138,714 by 2025. However, it’s important to remember that these predictions are based on technical analysis and should be taken with caution.
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