Bitcoin is now at a critical junction, which many determine its price trajectory for the rest of the year. The crypto has managed to return into $60,000 territory after dropping down to $56,000 for the first time since April. Some analysts are of the notion that the Bitcoin bulls haven’t actually started on their momentum yet, with many expecting a surge above $74,000 in the coming weeks. 

According to a crypto analyst, impulse waves formed by Bitcoin over the past 1.5 years are indicating that the price of Bitcoin will soon jump to between $90,000 and $100,000. 

Bitcoin To $90,000

A crypto analyst known pseudonymously as TechDev recently shared a Bitcoin price outlook on social media platform X with over 448,000 followers. Interestingly, his analysis is based on Elliot impulse waves, a technical analysis tool that has become extremely popular among crypto analysts when forecasting Bitcoin’s price. 

According to the BTC/US Dollar 2D timeframe shared by the analyst, Bitcoin has been forming impulse waves on an uptrend since May 2023. The chart indicated that the recent correction since Bitcoin reached an all-time high of $73,780 is the fourth impulse wave formation, which is generally known to be a corrective wave. Interestingly, the asset is now at a critical junction after bouncing up at $56,800. 

As noted by the analyst, Bitcoin is set to form its fifth (bullish) impulse wave and go parabolic in the coming months. The first price target is around $90,000 to $100,000 in the short term. The second price target is around the projected peak of the fifth impulse wave, which sits just below $150,000.

TechDev’s analysis is based on a similar five-impulse wave formation in the 2020 to 2021 bull market cycle. A similar fourth impulse wave correction during this period saw Bitcoin falling from $41,000 to $29,000 in early 2021. However, a rebound led to the formation of a fifth (bullish) impulse wave, pushing the price of Bitcoin to its former all-time high. 

The impulsive structure of the last 1.5 years says 90-100K is next. $BTC pic.twitter.com/jboA0rQ3Qs

— TechDev (@TechDev_52) May 3, 2024

What’s Next For Bitcoin Price?

At the time of writing, Bitcoin is trading at $63,275 and up by 6% in the past 24 hours. Since the launch of Spot Bitcoin ETFs in the US, Grayscale’s GBTC recorded its first day of inflow, totaling $63 million on May 3. Investors are hopeful and speculating how this might kickstart a new bull run for the cryptocurrency.

According to an analyst, Bitcoin has successfully defended a correction below the 21-day exponential moving average (EMA). The next step is crossing above resistance around $63,488. 

BTC bulls push price toward $64,000 | Source: BTCUSD on Tradingview.com

Featured image from The TechBullion, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

New data from crypto insights firm Galaxy Research finds that during the first quarter of the year, venture capitalists poured in billions of dollars into the digital assets industry.

In a new article, Galaxy Research says that venture capitalists invested $2.49 billion into cryptocurrencies during Q1 of 2024, a 29% quarter-over-quarter (QoQ) rise.

The analytics platform says that heavy investments during Q1 of 2024 signal that Q4 of 2023 could have been the bottom of the market.

“In Q1 2024, venture capitalists invested $2.49 billion (+29% QoQ) into crypto and blockchain-focused companies across 603 deals (+68% QoQ).

This was the first rise in both capital invested and deal count in three quarters, perhaps signaling that Q4 2023 was the ‘bottom,’ although a continuation of QoQ increases – and a more meaningful increase – would confirm that over the coming quarters.”

Galaxy Research goes on to note that while venture capitalist investments into the crypto space have correlated with the price of Bitcoin (BTC) in the past, the crypto king’s massive rise in 2024 caused them to decouple.

“While venture capital investment in the crypto sector has typically correlated to the Bitcoin price, that correlation has broken down over the past year, with bitcoin rising significantly since January 2023 but VC activity mostly languishing.

Q1 2024 saw a significant rise in BTC, and while capital invested also rose, the investment activity is still nowhere near the levels when Bitcoin last traded over $60,000.

The combination of crypto industry-native catalysts (Bitcoin exchange-traded funds, new areas like restaking, modularity, Bitcoin layer-2s, etc.) and macro headwinds (rates) contributed to the notable divergence.”

Bitcoin is trading for $62,754 at time of writing, a 5.2% increase during the last 24 hours.

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BitMEX co-founder Arthur Hayes is saying that crypto assets are likely to benefit from the US monetary policy going forward.

In a new essay, Hayes says that the U.S. Treasury and the Federal Reserve are engaging in “stealth money printing policies.”

According to the BitMEX co-founder, the “slow addition of billions of dollars of liquidity each month will dampen negative price movement” for crypto assets.

“While I don’t expect crypto to fully realize the recent US monetary announcements’ inflationary nature immediately, I expect prices to bottom, chop, and begin a slow grind higher.”

Hayes says that the recent fall in the prices of crypto assets has offered an excellent opportunity to accumulate.

“I’m buying Solana and doggie coins (memecoins) for momentum trading positions. For longer-term sh*tcoin positions, I’m upping my allocations in Pendle and will identify other tokens that are ‘on sale.’

I will use the rest of May to increase my exposure. And then it’s time to set it, forget it, and wait for the market to appreciate the inflationary nature of the recent US monetary policy announcements.”

The BitMEX founder is an advisor and investor in Pendle (PENDLE), a decentralized finance crypto project that lets users tokenize and sell future yields.

On his Bitcoin (BTC) forecast between now and August, Hayes says,

“A rally to above $60,000 and then range-bound price action between $60,000 and $70,000 until August.”

Bitcoin is trading at $62,726 at time of writing.

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