Bitcoin Hits All-Time High - Rally is Not Over Yet | Credit: Derek Fenech
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Key Takeaways
Bitcoin (BTC) reached a new all-time high of $123,218 today.
Bitcoin has begun the most parabolic portion of its market cycle.
What is an appropriate target for the top of the current bull run?
Bitcoin (BTC) once again smashed through its previous high, reaching a new all-time high of $123,218.
Momentum is going parabolic, and market watchers are already calling for even bigger moves ahead.
So, how high can Bitcoin really go this cycle? Let’s break down the charts and see what might be next.
Bitcoin’s New ATH
Bitcoin smashed a fresh all-time high at $123,218 today—and if the wave count is any indication, this rally might just be getting started.
According to Elliott Wave analysis, BTC is in an extended fifth wave that kicked off in 2023. This final leg of the bull cycle is historically the most explosive—and often parabolic.
The chart breaks down the structure into sub-waves (in orange) and minor sub-waves (in black), pointing to even more upside potential ahead.
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While the final portion of this rally could develop into an ending diagonal, leading to a more gradual ascent instead of a parabolic one, the early returns make that unlikely.
The first target for the top of the Bitcoin bull run is $237,185, created by giving wave five the same length as waves one and three combined.
An interesting and bullish development is the possible invalidation of bearish divergences in the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD).
The previous divergences threatened to derail the bull run, but Bitcoin’s newfound strength has nearly invalidated them.
What Analysts are Saying
On top of the positive price action, analysts all predict much higher highs for Bitcoin.
Ryan Lee, Chief Analyst at Bitget Research, suggests Bitcoin can reach $150,000 this cycle. He stated:
With institutional investment accelerating, fueled by over $51 billion in ETF inflows and increasing allocations by corporate treasuries, investment trends suggest a strong appetite for long-term exposure, especially if policy clarity advances.
Kedan Stadlemann, Komodo’s CTO and Project Lead, believes that $200,000 to $250,000 is likely this year because of the bullish structure and weak dips.
Finally, Satraj Bambra, the CEO of Rails, made the most bullish prediction. He believes Bitcoin will top between $300,000 and $500,000, driven by a ballooning Fed balance sheet and lower interest rates after the appointment of a new Fed Chair.
Bitcoin Price Analysis
The daily time frame shows no weakness, which means the parabolic rally could continue.
According to the count, Bitcoin started its current upward movement after its $98,200 low in June (dashed).
The BTC price will continue powering up the charts if it does not fall below that level.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
