"Bitcoin (BTC), Expected to Surpass $128,000 in a Few Months from an Elliott Wave Perspective"
Summary
- John Glover, CIO, analyzed that Bitcoin (BTC) could reach $128,000 in a few months according to the Elliott Wave Theory.
- He stated that surpassing $108,000 is crucial for Bitcoin's price.
- He mentioned that the likelihood of Bitcoin falling to its recent low of $90,000 is slim.
According to CoinDesk, a cryptocurrency-focused media outlet, on the 17th (local time), John Glover, Chief Investment Officer (CIO) of the cryptocurrency lending platform Ledn, analyzed that "the technical outlook for Bitcoin (BTC) is very positive."
He explained, "Based on an analysis of the Elliott Wave Theory, BTC could reach $128,000 in the coming months following a 5-wave pattern," adding that "the key is to surpass the all-time high of $108,000, and the likelihood of falling to the recent low of $90,000 is slim."
The Elliott Wave Theory is a theory that consists of 5 upward waves and 3 downward waves in a cycle.
Meanwhile, as of 04:41 on the 18th, BTC is trading at $105,544.08, up 5.58% from the previous day, based on the Binance Tether (USDT) market.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
