Despite Bitcoin price crashes below $90,000 and heading towards $80,000 last week, it appears that bullish sentiment has not completely eroded. Now trading back in the 5-digit range, hopes of reaching back above $100,000 remain very high, with one crypto expert actually predicting that the leading digital asset by market capitalization could be on its way to actually hitting $300,000.
Bitcoin price still has room to run
Coinskid shared a chart on the X (formerly Twitter) website that suggests which many analysts were wrong about was in the cycle Bitcoin price actually is. Rather than being at the end of the bull market, the cryptoanalyst believes that the race is still just beginning.
This was done using the wave analysis, which set the current trend to only a wave 2. If this was now the end of the cycle, it would mean that Bitcoin price has already completed Wave 5. However, Coinskid counters this, especially since the wave trend is not even halfway.
As the analyst explains, the digital asset has actually been in a Wave 2 correction of the cycle for over a year now. This would mean that the current correction is likely to be short-lived as bulls may retake control and push the price higher.
Furthermore, Coinskid also explained that Bitcoin actually formed one of the biggest Cup and Handle patterns in history. With price that more or less holds the necklinecould the buyers quickly regain control of the cryptocurrency.
In this case, that would mean Bitcoin price is set to reclaim $100,000 in the new year. When an ABC wave unfolds, the analyst’s chart shows the bounce from the end of wave C, leading to a 250% breakout that would send the price flying as high as $300,000.
Bears still have their chance
While the majority of analysis points to the fact that Bitcoin price is still bullishCoinskid also stated that this is due to the cryptocurrency holding the April 2025 low of $74,000. Otherwise, the entire bullish move would be nullified if the price were to fall below this level.
Some analysts have predicted that the Bitcoin price could be heading as low as $50,000, with some expect some movement back to the $40,000 territory before you bounce. Still, the consensus remains that Bitcoin is still bullish in the long term.
Featured image from Dall.E, chart from TradingView.com
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