There is no question that Bitcoin is a decentralized digital currency that’s slowly gaining a foothold in the financial industry, but that’s just the beginning. As Bitcoin’s popularity grows, even more cryptocurrencies are being created, and it’s getting easier to trade them — especially through online exchanges like Coinbase. As a result, the most popular currencies are quickly gaining value.
Bitcoin reached a new milestone this week, and its success is no surprise to Elliott Wave traders. Even though this is the first time BTC has been able to reach $50K in value, history shows that BTC is likely to reach $100K.
Cryptocurrency has been on a tear, rising 1,000% in 2017. Along with the massive price gain, the volatility of the market has been extremely high, with Bitcoin prices changing by more than $2,000 in just a single day.
|-The price of bitcoin has surpassed $50,000 today. – However, the digital asset’s market value has exceeded $900 billion, approaching $1 trillion. – W3 will reach $94,000 and much more if the market remains optimistic.|
Bitcoin’s price has now surpassed $50,000, but it must continue to rise. As a consequence, the digital asset seems to be as robust as ever, with a target price of $100,000 in the not-too-distant future. Furthermore, numerous on-chain indicators suggest that BTC may hit new all-time highs very soon.
Furthermore, the Bitcoin price soared from $37,988 to $46,794, a new all-time high. This occurs shortly after Tesla announced that it had purchased $1.5 billion worth of Bitcoin. The price of Bitcoin hit $48,985 on February 12th.
However, the digital asset’s market value has exceeded $900 billion, approaching $1 trillion. This attracted large institutions even more. BNY Mellon, the oldest American bank, launched a new Cryptocurrency Custody service on February 11.
Bitcoin Wave 3 is projected to hit $94K, according to the Elliott Wave Forecast. Let’s have a look at it in more detail below.
BTC Wave 3 to $94K, according to Elliott Wave Theory
At the time of writing, the BTC price was $48,632, according to CoinGecko.
Long-term wave structure of Bitcoin, based on Fibonacci extension levels
The graph above depicts BTC’s performance during the last several weeks. The BTC has already finished its impulsive Wave 1 according to Elliott Wave Theory. However, only a few weeks ago, it jumped from $10,000 to little over $40,000.
Furthermore, the BTC rally is followed by a -30% correction, sending BTC to $29,000. This indicates that Bitcoin’s W2 adjustment is complete. The impulsive W3 of Bitcoin, on the other hand, has already begun. Furthermore, Wave 3 has been well-known for a long time. Also, the most powerful market waves that transform negative trends into bullish ones.
There is a lot of money to be made in this Wave. W3 will hit $94,000 if the market remains optimistic. Furthermore, if this trend continues, Bitcoin may reach a price of above $100,000.
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Bitcoin reached $50K on November 7th, 2017. This is an important milestone for the cryptocurrency, as Bitcoin is currently the 4th most valuable cryptocurrency with a market cap of over $50 billion. Many analysts are warning that Bitcoin is close to hitting support. If Bitcoin does hit support and stay over it, it has the potential to grow to over $100K in the next few months. If it does not, analysts are predicting a correction and that Bitcoin will “crash” and go as low as $3K.. Read more about bitcoin calculator and let us know what you think.
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