Analyst Xanrox forecasts that Bitcoin's price might reach $130,000 within the next few months. His prediction utilizes technical analysis tools such as Fibonacci extensions and Elliott impulse waves, which signal a bullish trend but hint at a subsequent bearish phase.
Xanrox shares his insights on TradingView, noting Bitcoin is executing its fifth Elliott impulse wave. These waves indicate a strong market trend composed of five sub-waves, with the fifth wave promising to propel Bitcoin's price significantly.
The 0.618 Fibonacci extension plays a key role in predicting Bitcoin's peak, aligning with historic trendline peaks, suggesting Bitcoin's price could double from current levels to $130,000.
Xanrox's forecast doesn't solely focus on the bullish trajectory. He warns about a potential sharp reversal, estimating a dramatic price correction to $60,000 could follow Bitcoin reaching its $130,000 peak.
