| -Bitcoin price surged over $50,000 today. -However, the digital asset surpassed $900 billion in market capitalization, close to $1 trillion. -If the market continues to be bullish W3 will reach $94,000 and even higher. |
Bitcoin price just surged over $50,000 but needs to maintain the move above it. As a result, the digital asset looks as strong as ever and aims for $100,000 in the near future. More so, many on-chain metrics indicate that BTC can quickly reach new all-time highs.
Moreover, the Bitcoin price exploded from a low of $37,988 to a new all-time high at $46,794. This happens right after the announcement of Tesla bought $1.5 billion worth of BTC. On Feb 12, Bitcoin price reached $48,985.
However, the digital asset surpassed $900 billion in market capitalization, close to $1 trillion. Even more, this attracted big institutions. As on February 11, BNY Mellon, the oldest American bank announced a new service of Cryptocurrency Custody.
Furthermore, as per the Elliott Wave Forecast, Bitcoin Wave 3 is expected to reach $94K. Let’s discuss that briefly below.
Elliott Wave Forecast: BTC Wave 3 to $94K
According to CoinGecko, the BTC price is at $48,632, at the time of writing.
The chart above shows the performance of BTC over the past weeks. According to Elliott Wave Theory, the BTC has already completed its impulsive Wave 1. However, surging from $10,000 to just over $40,000 a few weeks ago.
Moreover, the BTC surge is followed by -30% correction, bringing BTC down to $29,000. This shows Bitcoin’s W2 correction has already completed. However, Bitcoin’s impulsive W3 has already started. In addition, Wave 3 is notorious for a long period of time. And also most intense market waves which turn bearish trends into bullish.
In this Wave, a huge amount of profit is gained. If the market continues to be bullish W3 will reach $94,000. Added to this, if this trend continues Bitcoin could go even higher to a price of over $100,000.
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