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.
Roadmap to BTC at $70,000 | Source: Tradingview.com
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…