Bitcoin Price Analysis Shows Path to $140,000
Renowned Elliott Wave specialist and crypto analyst Big Mike has unveiled a detailed roadmap suggesting Bitcoin could surge to $140,000, contingent on specific price action triggers. His technical analysis, combining Elliott Wave theory with Fibonacci extensions, presents two potential pathways to this ambitious target.
The analysis comes as Bitcoin trades near $90,000, with critical support levels being closely watched by traders.
Key Price Levels to Watch
- Immediate resistance: $95,000
- Primary support: $78,000
- Secondary support: $72,895
- First target: $114,693 (1.618 Fibonacci extension)
- Ultimate target: $137,727-$140,000
Technical Analysis Breakdown
The Elliott Wave structure reveals a complex pattern with five main impulse waves. The current consolidation phase between $85,000 and $95,000 appears to be setting up for a significant move. A descending wedge formation observed from mid-February to early March suggests mounting pressure for a breakout.
Market Implications
Volume analysis indicates relatively low participation during recent corrections, suggesting a potential accumulation phase. The neutral Stochastic RSI reading points to a market at an inflection point, ready for a decisive move in either direction.
Two Paths to $140,000
According to Big Mike’s analysis, Bitcoin could reach the $140,000 target through either:
- A direct break above $95,000, triggering an immediate surge
- A deeper correction to $72,895 before beginning the ascent
Expert Perspective
‘Both scenarios ultimately lead to the same destination,’ notes Big Mike. ‘The key is watching how price reacts at these critical levels. A break above $95,000 would confirm the bullish case, while a dip below $78,000 could offer a final buying opportunity before the major rally.’
Looking Ahead
With Bitcoin currently trading at $90,053, the market stands at a crucial juncture. The convergence of technical indicators, wave patterns, and price levels suggests a significant move is imminent. Traders should closely monitor the identified support and resistance levels for confirmation of the next directional move.
Source: NewsbtC