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Bold Bitcoin Market Prediction Sparks Debate
A well-regarded cryptocurrency analyst has stirred the digital asset community with a provocative macro forecast concerning Bitcoin’s bullish trajectory. The expert suggests that the current Bitcoin rally might be the concluding phase of its inaugural institutional cycle, potentially leading to a dramatic price drop to around $30,000.
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Bitcoin’s Bull Market: Entering Its Final Phase
Identified as ‘MrParaBULLic’ on the social media platform X (formerly known as Twitter), the analyst has cautioned that Bitcoin’s current bull market may be nearing the end of its first significant macro cycle. Despite Bitcoin trading near $106,616 at the time of writing, the prediction is that BTC will soon hit its peak, followed by a significant bear market possibly bringing prices down to $34,932.
Employing the Elliott Wave theory, the analyst showcased a chart indicating Bitcoin is finalizing its fifth and last micro-wave in a traditional five-wave impulse cycle. The recent upward trend, now reaching six figures, seems to represent Wave 5, which typically precedes a broader market reset.
Although MrParaBULLic has not specified the precise peak in his analysis, he foresees a short-term bullish continuation before a sharp market reversal occurs. The analyst emphasizes that this level of upward momentum, combined with strong institutional participation and narrative-driven conviction, forms what they call the “greatest euphoria trap ever.”
Furthermore, the market expert challenges the notion that Bitcoin is immune to significant corrections, underscoring the cyclical nature of its past movements. Previous bull markets, such as those in 2013, 2017, and 2021, were followed by steep 80-90% retracements from their highs. According to the analysis, institutional involvement has not nullified this historical pattern and may even be concealing greater risks.
On the chart, $88,115 is identified as a crucial support level, which, if breached, could trigger a cascade of liquidations leading to a historic crash toward $34,932 or even lower. This potential drop would signify a 70-90% retracement from current levels, mirroring the severe declines seen in previous cycles.
Addressing the crypto community’s curiosity about his bearish $30,000 target, MrParaBULLic noted that market expectations often create liquidity at key support points. Should these expectations fail, it accelerates the drawdown, setting the stage for a comprehensive macro market reset.
Bitcoin’s Potential Surge Beyond $200,000
The bold forecast of an imminent bear market has captured the attention of the crypto community, leading many to inquire about the timing of Bitcoin’s peak and the expected duration of this parabolic rally. MrParaBULLic predicts that Bitcoin will complete its bullish path within the next five to eight months, after which a swift shift in market structure is expected.
The analyst is confident that Bitcoin’s ultimate cycle peak is yet to come, forecasting a robust ascent beyond the $200,000 threshold before the bear market officially commences. This positive outlook also suggests a lucrative period for altcoins, which are expected to experience explosive growth within 6-12 months following Bitcoin’s peak.
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