Bitcoin Sell Signal Predicted via Elliott Wave Count - Exceeding $300,000 Mark Is the Trigger
In a recent analysis, Elliott Wave expert Gert van Lagen has predicted a significant rise in Bitcoin's price, with the digital currency potentially tripling its value from around $109,000 to nearly $395,000 by August 2025. However, this forecast has sparked a wave of skepticism within the crypto community.
Van Lagen's revised analysis outlines a step-like parabolic formation, suggesting that the next major move will come in subwave iii of Wave 5, which would confirm itself through a decisive break above Bitcoin's current all-time high. The chart's parabolic curve rises deeply into August 2025, meaning the final peak of Bitcoin's Wave 5 is anticipated in the next few weeks.
According to the updated weekly wave count, Bitcoin completed Wave 3 above $106,000 and recently concluded Wave 4 below $79,000. However, the community's doubts over the ambitious BTC target of $395,000 are based on concerns about market structure inefficiencies and unfilled gaps. Critics point out that the Elliott Wave analysis may overlook critical downside risks, such as a potential retracement towards the mid-$90,000 range due to these inefficiencies.
Some members argue that the chart overlooks critical downside risks, such as a potential retracement towards the mid-$90,000 range. Others point to macroeconomic and geopolitical pressures as limiting factors, making a move above $350,000 within the next two months unlikely. The broader cycle, according to some critics, may be running out of steam, making a move towards the $395,000 target unlikely.
The double top above $106,000, as suggested by another analyst, FVG, could be a sign of an impending Bitcoin price correction. The crypto community expresses skepticism about Bitcoin reaching $395,000 in a short timeframe, with many highlighting the significant risks and external factors that could prevent this outcome.
Despite the mixed opinions, the dominant current sentiment blends cautious optimism from technical analysts like van Lagen with healthy skepticism from other traders and investors who weigh macro and structural risks heavily. It should be noted that van Lagen's forecast centers on 2025, not 2022, indicating a likely confusion or outdated premise in the original question timeframe.
[1] Source: Gert van Lagen's social media post, July 1, 2022.
Cryptocurrency investing in Bitcoin, driven by Van Lagen's analysis, suggests a potential tripling of its value to nearly $395,000 by August 2025. Meanwhile, finance experts and other investors express skepticism considering market structure inefficiencies, unfilled gaps, potential downside risks, and macroeconomic and geopolitical pressures.
