The ongoing Bitcoin bull market will likely continue till the end of 2021. Technical and on-chain data suggest that if king crypto breaks all its upside benchmarks, there’s nothing to stop it from reaching $178,000 in the most bullish scenario. This will be a significant rebound from the value after the April crash and a solid position from which the currency can aim for other upswings. However, this target is based on certain conditions and times and considers various forms of analysis.
Please note that these projections are based on technical indicators and data analysis and in no way seek to offer financial advice to potential investors.
According to crypto analyst Daniel Joe, Bitcoin could double in value from its current price and hit $96K by the end of this year. He believes that this target is attainable if the flagship cryptocurrency surpasses the $51,000-$58,000 resistance range.
Long-term holders and whales owning an illiquid supply of BTC are an important factor in Joe’s analysis. These investors need to maintain their holdings for the Bitcoin market to take further leaps to the upside.
Once the currency breaks above its $64,829 all-time high, the road to $96K will become much easier. By challenging this price limit, BTC will enter a discovery phase with no previous resistance levels.
Joe also points to a bullish formation known as Elliot Wave on the charts. As per Investopedia, Ralph Nelson Elliott developed the Elliott Wave Theory in the 1930s to show that markets generally traded in repetitive patterns.
Bitcoin is said to be forming the Elliot Wave structure since 2018 and the last bottom of $28,800 represents the fourth wave of correction. Joe suggests that the activity in August signals that the asset might be kickstarting the fifth wave that will take its price higher than the previous peaks.
In the most optimistic scenario, Bitcoin can reach nearly $178,000, provided that on-chain selling pressure remains low. If HODLers keep their investment parked in Bitcoin even after it surges above $100K, there’s a good chance that the value will push higher.
As previously reported, Bloomberg commodity analyst Mike McGlone has already predicted that a $100K price target is more likely for BTC. Although analysts were divided on this forecast at the time, McGlone maintained that the developments in China coupled with more regulated access to crypto through ETFs and other initiatives would propel a major bull run.