After Bitcoin’s impressive leap beyond $123,000 in a single day, crypto analyst XForceGlobal restated his previous predictions and amplified his bullish stance. He now posits that Bitcoin is at the start of a much broader breakout, with the final, most parabolic phase of its rally yet to come.

His detailed chart demonstrates that Bitcoin is now trading over $40,000 above its Wave 2 nadir of the macro 5th. This suggests that the market might be shifting into Wave 3 of a larger Elliott Wave impulse pattern. The chart visually breaks down previous bull market runs into distinct macro phases, each commencing after a halving cycle.

Each phase kicked off with a consolidation period, succeeded by exponential growth, and finally, a correction. Bitcoin’s price history is also marked by the halving events of 2012, 2016, 2020, and 2024—all of which have consistently preceded significant bullish rallies. The most recent halving, which took place in April 2024, is projected to usher in a medium-term rally that could push BTC’s price beyond $270,000 prior to another corrective phase.

While XForceGlobal holds a bullish long-term view on Bitcoin, he advises investors to exercise caution, acknowledging that the final wave may create market euphoria before a substantial decline ensues. His proposed roadmap reveals a steady bullish ascent towards $272,832, followed by a potential retracement to about $41,646, signifying a drastic 85% crash from the peak.

In a subsequent post, XForceGlobal predicted Bitcoin’s next short-term price target at $155,000. This prediction comes as BTC recently soared past $123,000 before experiencing a pullback, currently trading slightly above $116,800. According to the analyst, Bitcoin is solidly in an extended Wave 3, which traditionally represents the most impulsive and potent phase of the Elliott Wave sequence.

XForceGlobal’s chart indicates that Bitcoin recently broke out from a complex WXYXZ correction structure, which served as the springboard for the current rally. His forecast implies that BTC is now forming a five-wave structure targeting the $140,000-$155,000 range, with macro-level corrections anticipated along the journey.

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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.

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