Bitcoin Price Predicted To Reach 1 M, This Is According To Crypto Analysts

Bitcoin, the largest crypto asset by market cap. (Photo; Doc. Unsplash)

JAKARTA - Bitcoin (BTC) may reach a six-digit price in the coming months, according to an analyst. This view was conveyed by a well-known crypto trader with the pseudonym Credible Crypto.

Credible Crypto, notified its 55,800 subscribers on YouTube that the peak of the Bitcoin cycle can occur between 55 percent to 365 percent of the current level.

"Along with price development, I will discuss signs that you can anticipate to help identify where the peak of this cycle may be. This is a large range. This could happen above, in my opinion, in the range of 100,000 US dollars to 300,000 US dollars (Rp1.6 billion to Rp4.8 billion). Realistically, I previously mentioned about 150,000 US dollars as an estimate, but there was a major variation in it."

Traders who use this pseudonym say that after reaching the peak of the cycle, Bitcoin could fall to the price last seen in October 2020.

He, who sometimes applies Elliott's Wave theory in his technical analysis, believes that the BTC peak in this cycle will coincide with the final wave completion of the five-wave pattern starting around 2014. According to Elliott's Wave theory, the main trend of asset prices is moving in a five-wave pattern, while corrections occur in a three-wave pattern.

"And when that peak occurs, I think the next correction will be very brutal, dropping at least below the level of USD 30.000 realistically. It's very possible that we could drop to a key level of $10.000 to $14.000 that everyone noticed just a year ago, which we never achieved."

At the time of writing, Bitcoin is trading at 64,490 (IDR 1,031,880,000). According to data from Coinecko, the price of Bitcoin (BTC) has fallen slightly by 0.1 percent in the last 24 hours. But in one week, the price of BTC jumped 11.4 percent.