Bullish sentiment appears to be intact, even though Bitcoin prices fell below $90,000 last week and climbed toward $80,000. Although currently trading in the five-digit range, expectations for a return to above $100,000 remain very high, with one crypto expert predicting that the top digital asset by market capitalization could actually reach $300,000.
Bitcoin price still has room to rise
Coinskid shared a chart on the X (formerly Twitter) website that suggests that many analysts were wrong about where the Bitcoin price actually was in the cycle. Cryptocurrency analysts believe this is not the end of the bull market, and that the bull market is only in its early stages.
This is done using wave analysis and assumes the current trend is only wave 2. Now, if this is the end of the cycle, it means Bitcoin price has already completed wave 5. However, Coinskid disputes this, especially since the wave trend is not even halfway through.
As analysts explain, digital assets have actually been in the cycle’s second wave correction for over a year. This means the current correction is likely to be short-lived as the bulls may regain control and push prices higher.
Additionally, Coinskid also explained that Bitcoin is actually forming one of the largest cup-and-handle patterns in history. With the price more or less maintaining the neckline, buyers can quickly regain control of the cryptocurrency.
In this case, it means Bitcoin price is destined to regain $100,000 heading into the new year. As the ABC wave unfolds, the analyst’s chart shows that the rebound from the end of the C wave will lead to a 250% breakout and the price will jump to $300,000.
Bears still have a chance
While much of the analysis points to the fact that Bitcoin prices remain bullish, Coinskid also noted that this depends on whether the cryptocurrency sustains its April 2025 low of $74,000. Otherwise, if the price falls below this level, the entire bullish move will be invalidated.
Some analysts predict that the price of Bitcoin could fall to as low as $50,000, while others expect it to return to the $40,000 area before rebounding. Nevertheless, the consensus remains that Bitcoin remains bullish in the long term.
Featured image from Dall.E, chart from TradingView.com
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