Bitcoin hits bottom, expect a spike to $68k level: analyst

An ABC correction is a fundamental concept in Elliott Wave theory, which is used to analyze market cycles and predict future price movements. The correction consists of three waves; wave A, which initiates the correction and moves and moves against the prevailing trend. 

The second part of the correction, wave B, usually retraces a part of the first wave, while moving in the direction of the original trend. Wave C continues the correction and often extends beyond wave A.

The correction could help market watchers identify potential reversal points and continuation points.

Interestingly, another crypto trader, Michaël van de Poppe, suggested that Bitcoin could plummet to as low as $48,000 if it’s current support level at $56,000 crumbled.

Van de Poppe also highlighted the current crypto market cap of over $2 trillion, an increase of just 0.8% from the previous 24 hours, suggesting the market could still be correcting.

The analyst said there was a possibility the market could drop some more in the next one or two weeks, before shooting back up.

Other analysts share similar sentiments. Captain Faibik, another pseudonymous trader, postulated that Bitcoin could move to as high as $100,000 after it exits its current critical phase. The analyst stated that the cryptocurrency had been consolidating inside a descending broadening wedge pattern since early 2024. 

Not to be left behind, Blockstream CEO Adam Beck also shared his thoughts with Coinstelegram’s Anna Tutova, saying Bitcoin was still at a nascent stage of an ongoing bull cycle. 

According to the Bitcoin veteran, the cryptocurrency could potentially skyrocket by more than 700% from its current position, with its main drivers being the length of time investors hold their coins as well as the performance of Bitcoin-based spot exchange-traded funds.

At the time of writing, Bitcoin was trading just below the $60,000 level, having made a slight 0.1% improvement across 24 hours.