A crypto analyst recently took to X (formerly Twitter), boldly forecasting a new bullish price target for Bitcoin in Q1 2025. The analyst, who has analyzed Bitcoin’s future price trajectory using the Elliott Wave theory, predicts that the 4th Wave will end with a price crash to $91,000 while the 5th Wave will see BTC surging as high as $210,000 this bull cycle. 

Wave 5 To Drive Bitcoin Price To $210,000

On January 10, a crypto analyst known as “Capt. Parabolic Toblerone” predicts that Bitcoin will hit $210,000 before Valentine’s Day in 2025. The analyst shared a Bitcoin price chart from Q4 2024 to date, depicting a technical analysis of the cryptocurrency’s price action based on the Elliott Wave Theory. 

The analyst’s chart identifies the first four waves of the Elliott Wave pattern, with Bitcoin currently close to completing the corrective Wave 4. The Elliott Wave theory is a technical analysis that uses price patterns to predict market movements. 

Typically, Elliott Waves progress from 1 to 5, representing a distinct trend phase. While Wave 1 marks the start of a new trend, Wave 2 reflects a pullback from Wave 1. Wave 3 is the strongest and longest phase, often driving a cryptocurrency to new heights. Meanwhile, Wave 4 signals a price correction and consolidation, and lastly, Wave 5 highlights a potential bullish reversal

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Author: Scott Matherson