According to a technical analysis conducted by a Xanrox analyst, the price of Bitcoin will reach $130,000 in the next few months. It’s worth noting that this bullish price target may go unnoticed as one of many positive forecasts that have recently surrounded the price of Bitcoin. However, Xanrox’s outlook is intriguing because it carries a bearish outlook once it hits its price target.

To support your prediction, Xanrox it was about combination Fibonacci extensions and Elliott impulse waves, two of the most popular analytical tools. Together, these tools allowed Xanrox to not only chart a path to its $130,000 target, but also a acute pullback to $60,000,

Bitcoin price roadmap to $130,000

Taking to TradingView to share his views, cryptocurrency analyst Xanrox highlighted that the price of Bitcoin is now he’s on his way to play the fifth Elliot impulse wave, following the completion of the fourth impulse wave in August.

Impulse waves, of which there are five in total, belong to the two main types of waves in Elliot wave theory, the second being corrective waves. An impulse wave is a sturdy, directional movement in the market that moves in the direction of the overall trend. These waves are divided into five sub-waves, numbered 1 to 5. The odd-numbered waves (1, 3 and 5) represent the driving forces of the trend, while the even-numbered waves (2 and 4) are periods of consolidation that provide a break before the next part trend.

According to Xanrox analysis, Bitcoin has officially entered wave 5 after hitting a correction low of $49,000 in August. This marked the end of Wave 4, which was a period of consolidation following the dramatic rally seen in Wave 3, when Bitcoin’s price reached a novel all-time high. Now, as the latest wave of momentum continues, attention has turned to how high Bitcoin can climb.

To predict a potential Wave 5 peak, Xanrox used Fibonacci extensions. Interestingly, when the Fibonacci extension is applied from the wave 4 low, the Fib extension at 0.618 aligns perfectly with the main trend line that marked the highs of both Wave 1 and Wave 3.

This suggests that the 0.618 Fib extension could play a key role in the next phase of Bitcoin’s price action. At the crossover point, there is a price target of $130,000, which represents a significant upside of 100% from current levels.

What’s next after $130,000?

Xanrox prospects it doesn’t just end with growth target price. The analyst also warned and highlighted the possibility of a acute reversal after Bitcoin reaches the peak of the fifth wave. Based on the patterns, he noted that previous Bitcoin waves experienced significant corrections between 70% and 80% after the impulse wave cycle ended.

For this reason, Xanrox predicted that Bitcoin it can break down quickly to $60,000 upon reaching $130,000, likely by January 2025.

Featured image created with Dall.E, chart from Tradingview.com