The recent surge in Bitcoin prices is causing excitement among investors, who are comparing it to the second quarter of 2019, when Bitcoin rose from $3,000 to $13,000 in just four months, repeating its two-year bull run. Currently, Bitcoin has risen by 50% from its bottom, leading to growing anticipation of a similar bubble.
A successful crypto strategist who accurately predicted the 2018 Bitcoin surge believes that the reigning cryptocurrency is still in a bull run. He supports this with the use of Elliott Wave theory, a complex technical analysis tool for predicting price behavior based on the psychology of crowds in waves.
According to the theory, there will be five upswings in asset prices, with the five-wave increase in the expert’s graph reaching a maximum of $28,000. The current value of Bitcoin is $23,165.
The expert also has a positive outlook on Ethereum (ETH), the top smart contract protocol. He believes that ETH will break out of a symmetrical triangle pattern and reach $1,900. Ethereum’s price is $1,583 at the moment.
To summarize the analyst outlook on the asset class, both BTC and ETH are in an accumulation phase, and a rally is evident. This means that an “echo bubble,” which is a market recovery that occurs too soon after a previous bubble has burst, isn’t necessarily a bad thing. Investors can profit from echo bubbles, which also boosts market confidence after a big drop. However, it’s important to do your own research and only invest what you can afford to lose.
Source: https://coinpedia.org/bitcoin/expert-who-nailed-2018-bitcoin-forecast-predicts-epic-rally-reveals-target-price/