Analist , a #crypto expert, garnered significant attention due to his highly optimistic perspective on the price trajectory of Bitcoin. The expert has returned with a new forecast, urging investors to enter the market and providing supporting justifications for this recommendation.
The Final Opportunity to Purchase #bitcoin (BTC)
In a recent publication on the Tradingview platform, Analist a cryptocurrency expert, issued a cautionary statement, emphasising that the current opportunity represents the final chance for investors to acquire Bitcoin. According to Tolberti, the rationale behind this phenomenon is the anticipation of a substantial surge in the value of Bitcoin.
Analist highlights the occurrence of bulls effectively breaching a significant downward trend line, as visually indicated on the 12-hour BTC chart. The expert says that the current price of Bitcoin is a last opportunity for purchase, as the upward momentum initiated by the bulls has effectively invalidated the previously established trendline, further reinforced by a successful retest.
Regarding the future trajectory of Bitcoin's price, Tolberti posits that it will attain a value of $39,000 by the conclusion of 2023. Nevertheless, the author cautions that the path ahead may not be without challenges, as there is already a notable level of resistance observed at $29,167. This resistance coincides with the 0.618 Fibonacci retracement level, which had been created during the preceding wave.
In the extended temporal context, the analyst use the Elliot Wave pattern to identify a potential "strong nest (1-2-1-2)" or an expanding leading diagonal wedge (1-2-3-4-5) within the price range of $24,900 to $28,500. According to Tolberti, both of these patterns exhibit bullish characteristics and indicate the start of a bull market.
Nevertheless, the expert anticipates a subpar performance of the Bitcoin price during the initial period of 2024. Tolberti expressed readiness for the anticipated upturn in the stock market that is expected to occur in the forthcoming weeks leading up to January. It is anticipated that January would exhibit a negative trend.
What is the projected trajectory of the Bitcoin price?
Analist latest Bitcoin price forecast mostly emphasises the near-term outlook, namely pertaining to the last quarter of the calendar year. However, his prior forecasts provide a more comprehensive perspective on his anticipated price levels, particularly in the context of a bullish market.
In September, the crypto researcher published a study whereby he projected the potential Bitcoin price to reach a value of $130,000 by the year 2025. The chart depicted an upward movement culminating at the threshold of $80,000, followed by a subsequent pullback of 30%. Subsequently, a further rebound results in the price being situated within the region of $130,000.
While Analist has a positive outlook on the future price movement of Bitcoin, Bloomberg analyst Mike McGlone holds the expectation that BTC will experience a decline and retrace to a value of $10,000. According to McGlone, there is a lack of optimism over the performance of Bitcoin in the fourth quarter, and in conjunction with the upward trend in interest rates, the analyst anticipates a further decrease in value.