Big Mike, an Elliott Wave analyst, predicts Bitcoin’s price could rise to $140,000 based on specific price thresholds. Breaking above $95,000 or bouncing from $72,895 are critical indicators. His analysis includes detailed wave counts and Fibonacci targets. Currently, BTC is trading at $90,053, attracting attention from both investors and analysts.

In a recent analysis, cryptocurrency expert Big Mike, known for his work with Elliott Wave theory, has detailed potential price movements for Bitcoin (BTC). He suggests that breaking the $95,000 mark or bouncing off lower support at approximately $72,895 could lead BTC to the $130,000-$140,000 range. This analysis is rooted in intricate wave counts, Fibonacci extension targets, and essential moving averages, providing insight into Bitcoin’s future trajectory.

Big Mike’s chart illustrates a complicated Elliott Wave structure comprising five principal impulse waves interspersed with corrective sub-waves. Notably, the level around $72,895 is significant as it aligns with wave (c)(iv), indicating a possible bottom if the price drops below $78,000 and continues downward. The corrective price range between $85,000 to $95,000 indicates a larger consolidation phase, which may precede further movements in Bitcoin’s price.

Further projected paths on the chart show that if Bitcoin exceeds $95,000, it could trigger upward waves (3), (4), and (5), potentially reaching between $100,000 and $140,000. Fibonacci analysis points to a possible target of around $114,693 for wave (3), followed by a correction to about $102,000 before spiking towards $137,727, or even near $150,000, tying to wave c(3).

Key moving averages from $72,000 to $90,000 highlight significant support levels around $78,000-$72,895, while resistance is found between $90,000 and $95,000. Big Mike notes a descending wedge formation from February to March that could suggest a breakout. The recent trading volume shows lackluster engagement, and a neutral Stochastic RSI points to potential momentum shifts depending on which price level is breached first.

“The BTC above $95k will trigger the move quickly towards my target of $130-$140k. Below $78k and we test $72k, then run to $140k,” Big Mike stated, emphasizing that both scenarios converge toward the same bullish targets.

Currently, Bitcoin is trading at $90,053 and remains a focal point for investors and analysts alike, as shifts in price could reveal new opportunities for growth in this dynamic digital market. The analysis serves as a valuable framework for understanding potential future movements within the cryptocurrency landscape.

In conclusion, Big Mike’s analytical framework outlines critical price thresholds for Bitcoin that could influence its trajectory significantly. The potential for BTC to reach between $130,000 to $140,000 hinges on key resistance and support levels. This comprehensive analysis not only underscores Bitcoin’s volatility but also offers insight for investors looking for strategic entry points in the cryptocurrency market.

Original Source: www.newsbtc.com

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