The Bitcoin (BTC) price could skyrocket to the $130,000-$140,000 region if specific market conditions prevail, according to renowned crypto analyst and Elliott Wave specialist, Big Mike (@Michael_EWpro). In a recent analysis, he provided a detailed chart showcasing the potential paths for Bitcoin’s price action in the near and mid-term future.
According to his chart, a surge above $95,000 or a rebound from the lower support at around $72,895 could trigger a massive push towards his target price range. The detailed analysis incorporates multiple Fibonacci extension targets, critical moving averages, and intricate wave counts.
Big Mike’s Elliott Wave analysis reveals a complex structure comprising five primary impulse waves and several interspersed corrective sub-waves. A critical point near $72,895, labelled as wave (c)(iv), could signify a significant market bottom if prices drop below $78,000 and continue downward.
He also pointed out corrective waves around $85,000 to $95,000, which seem to have created a more substantial consolidation phase. This is seen as a precursor to the next significant price movement. The chart further highlights a potential upside pathway from about $95,000, projecting impulse waves (3), (4), and (5) that could extend into the $100,000-$140,000 zone.
The Fibonacci extension targets are approximately $114,693 (1.618 extension) for wave (3), followed by a correction to $102,000 before initiating wave 5, which aims for $137,727 (2.618 extension). The final leg near $150,000 aligns with wave c(3).
Moving averages in the $72,000-$90,000 range highlight the importance of support near $78,000-$72,895, while an upper band around $90,000-$95,000 acts as a significant resistance corridor. The analyst noted a descending wedge formation from mid-February to early March, spanning $95,000 down to $85,000, suggesting that an upside breakout could signal a renewed push towards the six-figure mark.
Big Mike stressed two pivotal points: “BTC above $95k will trigger the move quickly towards my target of $130-$140k. Below $78k and we test $72k, then run to $140k.” He believes that both a direct break above $95,000 and a deeper dip to $72,895 could eventually lead to the same upside target of $130,000-$140,000.
As of the time of writing, Bitcoin is trading at $90,053.
