- Bitcoin’s potential Wave 5 rally targets $120K–$170K, with technical analysis pointing to strong bullish momentum.
- Rising BTC dominance indicates market leadership, potentially driving altcoin performance in the coming months.
- Fibonacci levels suggest Bitcoin’s fifth wave rally could peak near $176K, signaling continued growth for BTC.
Bitcoin could be entering a strong Wave 5 which could push the price to new heights. In a recent post on X, Egrag Crypto highlights a target range of $120,000 to $170,000 for BTC based on a technical analysis using Elliott wave theory which is a technique that follow the wave pattern of price movements.
According to the analysis, two leading indicators reportedly drive this momentum: Bitcoin price chart and the coin dominance chart, which suggest further growth. The BTC dominance chart,, illustrates the growing power of Bitcoin within the cryptocurrency market, which may result in the BTC leading the rest of the altcoins. This setup supports the notion that the price action of Bitcoin in the next few months will be the king to determine the direction of the entire cryptomarket.
Bitcoin’s Bullish Momentum
Reviewing the early 2023, the analyst noted that the BTC also had bullish tendency at the beginning of January and March. Some of the market observers expressed certain concerns in the beginning, but this did not stop BTC from climbing higher. The cycle which started in November 2022 follows the same Elliott Wave pattern that has been observed in the past, meaning that the final fifth wave could be the strongest one yet.
The analysis highlighted that the Fibonacci retracement levels, the peak of Wave 5 could be made at 1.236 – 1.618 of Wave 4 which brings the price target to $120K – $170K. These levels are in accordance with the analyst’s prognoses made at the beginning of 2022, underlining the stability of this outlook. With BTC tracing out a classic Elliott Wave structure, the price could narrowly hit the upper target of $176,000 amid further bullishness.
Source: Chart by Egrag Crypto
As of press time, BTC is at $72,019 and has risen by 1.06% in the last one day. In the last week, the BTC has demonstrated more significant growth and performed 8.73% increase, which testifies to the constant increase in value and positive sentiment of investors.
Source: TradingView
Market Trends in Bitcoin
Bitcoin daily trading volume is $52.01 billion which shows the high level of trading happening in the market. This particular volume pointed to the fact that the trading interest in Bitcoin remains high among traders and investors in the market.
The analysis points to $170K as the temporary “wick” or spike above this level may occur if buying pressure increases. These kinds of price swings are typical for the world of cryptocurrencies and blockchain. The move of Bitcoin at this juncture could have ramifications on the rest of the market and specifically the altcoins. Investors and traders are watching keenly on the BTC’s movement to see if this projected rally will happen in the final quarter.