Despite the Bitcoin price crashing below $90,000 and rising towards $80,000 last week, bullish sentiment does not appear to have been completely eroded. Now that it’s back into the five-digit range, hopes of a return above $100,000 remain very high, with one cryptocurrency expert predicting that the leading digital asset by market capitalization could actually reach $300,000.
Bitcoin price still has room to run
Coinskid shared a chart on the X (formerly Twitter) website that suggests many analysts are wrong about where the Bitcoin price actually is. The cryptocurrency analyst believes that the bull market is only just beginning, not the end.
This was done using wave analysis and the current trend only applies to wave 2. Now, if this is the end of the cycle, it means Bitcoin price has already completed wave 5. However, Coinskid disputes this, especially since the wave trend is not even half complete yet.
As the analyst explained, the digital asset has actually been in a Wave 2 correction of the cycle for over a year. This means that the current correction is unlikely to last long as the bulls can regain control once again and push the price higher.
Coincid also explained that Bitcoin is actually forming one of the biggest cup-and-handle patterns in history. With the price maintaining some neckline, buyers can quickly regain control of their cryptocurrency.
In this case, this means that the Bitcoin price is destined to regain $100,000 in the new year. As the ABC wave progresses, the analyst’s chart shows a 250% breakout, with the price soaring to $300,000, with a bounce from the end of wave C.
Bear still has a chance
While most of the analysis points to the fact that the Bitcoin price remains strong, Coinskid said this depends on the cryptocurrency holding on to its April 2025 low of $74,000. Otherwise, if the price falls below this level, the entire bullish movement will be nullified.
Some analysts predicted that the Bitcoin price could fall as low as $50,000, while some predicted a slight move towards the $40,000 area before a rebound. Nonetheless, the consensus remains that Bitcoin remains bullish in the long term.
Featured image by Dall.E, chart by TradingView.com
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