Cryptocurrency analyst Xanrox has predicted that the Bitcoin price is set to reach $130,000 in the coming months. The bullish prediction is based on a combination of Fibonacci extensions and Elliott impulse waves, two popular analysis tools in the cryptocurrency market. According to Xanrox, Bitcoin is currently in the midst of the fifth Elliott impulse wave, following the completion of the fourth wave in August.
To predict the potential peak of Wave 5, Xanrox used Fibonacci extensions, which showed a 0.618 Fib extension aligning with a major trendline marking the peaks of Waves 1 and 3. This suggests that the 0.618 Fib extension could play a significant role in the next phase of Bitcoin’s price action. However, Xanrox also cautioned that a sharp reversal could be expected after Bitcoin reaches its fifth-wave peak.
Drawing on patterns from previous waves, he predicted that Bitcoin could crash rapidly to $60,000 after reaching $130,000, likely by January 2025.
