A cryptocurrency analyst recently took to X (formerly Twitter), boldly making fresh predictions bullish price target for Bitcoin in Q1 2025. The analyst, who analyzed Bitcoin’s future price trajectory using Elliott Wave theory, predicts that the fourth wave will end with prices falling to $91,000, while the fifth wave will see BTC rise all the way to $210,000 in this bull cycle.
Wave 5, which will raise the price of Bitcoin to $210,000
On January 10, a crypto analyst known as “Capt. “Parabolic Toblerone” predicts that Bitcoin will reach $210,000 by Valentine’s Day in 2025. The analyst shared a chart of Bitcoin prices from the fourth quarter of 2024 to the present, showing technical analysis of cryptocurrency price action based on Elliott wave theory.
The analyst chart identifies the first four waves of the Elliott Wave pattern, with Bitcoin currently close to completing corrective wave 4. Elliott Wave theory is technical analysis that uses price patterns to predict market movements.
Typically, Elliott waves develop from 1 to 5, which represents a distinct phase of the trend. While Wave 1 marks the beginning of a fresh trend, Wave 2 reflects a pullback from Wave 1. Wave 3 is the strongest and longest phase, often taking the cryptocurrency to fresh heights. Meanwhile, wave 4 signals a price correction and consolidation, and finally, Wave 5 emphasizes a potential bullish reversal and the end of the pattern.
In the case of Bitcoin, the analyst predicts that Wave 4 may end in a price collapse up to $91,000. Conversely, Wave 5 is expected to be a powerful upward move, described by a crypto analyst as a blow-off top.
According to his analysis, Wave 5 is expected to push Bitcoin’s price to around $210,000 by February 14, which corresponds to the upper level of the Fibonacci extension at 6.618. The analyst rated this bullish price target as peak of the cyclemeaning $210,000 could be the highest amount Bitcoin could see in this four-year cycle.
Given that Bitcoin is currently valued at $94,306, the analyst ticks off a few Fibonacci retracement and extension levels on the chart, indicating areas of resistance and support.
Major correction expected after the peak
Forecasting a Bitcoin market peak amounting to $210,000, Captain Parabolic Toblerone’s Bitcoin price chart highlights the potential ABC corrective structure following the peak of the blowout. A correction could cause the value of Bitcoin to drop significantly falls below $100,000. This pullback would mean a more than 50% crash if Bitcoin reaches the projected market high of $210,000.
The projected decline is consistent with historical bull cycle patterns of acute increases fresh ATH precede a acute decline. In the case of Bitcoin, this decline would potentially be the beginning of the predicted bear market. Due to this potential price crash, the cryptocurrency analyst is advising caution for Bitcoin and altcoin investors, suggesting that investors “get out of all alts” when BTC reaches its predicted peak.
Featured image from Fortune, chart from TradingView
