26 October 2023
Through bull and bear rallies, crypto analysts have always given their forecast for where the price of a crypto like bitcoin might end up. Mostly, this is the norm, but one analyst has taken a deeper dive into the coin to give an in-depth analysis of Bitcoin’s upward rally. The analysis touches on multiple indicators, as well as the widespread acceptance that BTC has been gaining recently.
Bitcoin Price To $70,000
The analysis shared on TradingView shows a different side of the market that has previously been untapped. The analyst who goes by ArShevelev identifies the period between March and August as the ‘Stealth Phase’, which is likely where most of the accumulation occurred.
Next, the crypto entered into the ‘EW Channel’ which looks like it served as a bounce-off point for the rally. From here, it has been an easy coasting upward reaching above the $34,000 mark. But this is where things start to get interesting.
At this level, the analyst predicts a pullback in the price. This pullback from $34,000 sends the price falling back down to as low as $31,000 before the rally starts up again. The end of this retest leads to the top of the third wave where the price reaches as high as $50,000, before another pullback again.
This sent the price back down to the $35,000 mark once more to mark the fourth wave before bouncing up again into the fifth wave. Now, at this point, the analyst sees ‘Media Attention’ entering the game (presumably mainstream and traditional finance media), and the lift-off from this level reaches the $70,000 mark.
Factors To Drive The Momentum
The crypto analyst presents seven major factors that are behind the predicted Bitcoin momentum leading into a bull market. For starters, the first is the same as everyone expects – the almighty Bitcoin Halving. This event is undoubtedly the most bullish in Bitcoin’s history and a repeat of it is expected to kickstart the bull market.
Next on the list is the Impulse Structure and Rising Channel where the analyst believes that the BTC price is “painting a compelling picture on the daily timeframe.” This leads to the Third Wave Speculation as already explained above. The analyst believes the market is in the third wave, with the fourth being a pullback and the fifth leading above $70,000.
Fourth on the list is the Wyckoff Accumulation Pattern in which Bitcoin is already showing strength. Then there is the Bollinger Bands Width Squeeze which has dropped to 2014 levels. “This rarity accentuates Bitcoin’s growth potential, serving as a strong indicator for investors,” ArShevelev says.
The sixth factor is the Historical Comparisons where the current price action is compared to previous market trends. The 2023 bear market looks more like the 2015 bear market as the analyst points out, and this could see an almost 100% jump in price as it did in 2015. This would put the Bitcoin price above $50,000.
Last but not least is Institutional Interest which has been on the rise lately. Mostly, this has been driven by the enthusiasm around BlackRock, the world’s largest asset manager, filing for a Spot Bitcoin ETF and possibly bringing Bitcoin into its over $8 trillion portfolio.
ArShevelev explains that a Spot Bitcoin ETF “promises to be a game-changer” due to its ability to bridge TradFi to crypto and allow more money to flow into Bitcoin. “The ETF’s advent not only signifies regulatory acknowledgment but also invites a wave of retail participation,” the crypto analyst said. “The anticipation is that as we approach the holiday season, institutional investors will further solidify this upward trajectory.”