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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Analyst Says Bitcoin Price Is Headed To $90,000, Here’s Why

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Bitcoin price

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Bitcoin is now at a critical junction, which many determine its price trajectory for the rest of the year. The crypto has managed to return into $60,000 territory after dropping down to $56,000 for the first time since April. Some analysts are of the notion that the Bitcoin bulls haven’t actually started on their momentum yet, with many expecting a surge above $74,000 in the coming weeks. 

According to a crypto analyst, impulse waves formed by Bitcoin over the past 1.5 years are indicating that the price of Bitcoin will soon jump to between $90,000 and $100,000. 

Bitcoin To $90,000

A crypto analyst known pseudonymously as TechDev recently shared a Bitcoin price outlook on social media platform X with over 448,000 followers. Interestingly, his analysis is based on Elliot impulse waves, a technical analysis tool that has become extremely popular among crypto analysts when forecasting Bitcoin’s price. 

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According to the BTC/US Dollar 2D timeframe shared by the analyst, Bitcoin has been forming impulse waves on an uptrend since May 2023. The chart indicated that the recent correction since Bitcoin reached an all-time high of $73,780 is the fourth impulse wave formation, which is generally known to be a corrective wave. Interestingly, the asset is now at a critical junction after bouncing up at $56,800. 

As noted by the analyst, Bitcoin is set to form its fifth (bullish) impulse wave and go parabolic in the coming months. The first price target is around $90,000 to $100,000 in the short term. The second price target is around the projected peak of the fifth impulse wave, which sits just below $150,000.

TechDev’s analysis is based on a similar five-impulse wave formation in the 2020 to 2021 bull market cycle. A similar fourth impulse wave correction during this period saw Bitcoin falling from $41,000 to $29,000 in early 2021. However, a rebound led to the formation of a fifth (bullish) impulse wave, pushing the price of Bitcoin to its former all-time high. 

The impulsive structure of the last 1.5 years says 90-100K is next. $BTC pic.twitter.com/jboA0rQ3Qs

— TechDev (@TechDev_52) May 3, 2024

What’s Next For Bitcoin Price?

At the time of writing, Bitcoin is trading at $63,275 and up by 6% in the past 24 hours. Since the launch of Spot Bitcoin ETFs in the US, Grayscale’s GBTC recorded its first day of inflow, totaling $63 million on May 3. Investors are hopeful and speculating how this might kickstart a new bull run for the cryptocurrency.

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According to an analyst, Bitcoin has successfully defended a correction below the 21-day exponential moving average (EMA). The next step is crossing above resistance around $63,488. 

Bitcoin price chart from Tradingview.com

BTC bulls push price toward $64,000 | Source: BTCUSD on Tradingview.com
Featured image from The TechBullion, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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