A fortnight ago, cryptocurrency analyst Tolberti captured the spotlight with his remarkably optimistic Bitcoin price projection. This analyst has returned with yet another forecast, this time urging investors to engage in the market, substantiating his advice with compelling rationale.
Final Opportunity to Acquire BTC
In a recent exposition on Tradingview, Tolberti, the crypto analyst, issued a cautionary alert, asserting that this is the ultimate opportunity for investors to acquire Bitcoin. Tolberti’s premise is grounded in the impending surge of the Bitcoin price.
Tolberti directs attention to the successful breach of a significant descending trend line by the bullish faction, a development he highlights in the BTC 12-hour discourse. He elucidates that, given that “This trendline has been obliterated by the bulls, and we have also witnessed a prosperous reevaluation of it,” this marks the final chance to procure Bitcoin at this modest valuation.
Regarding the Bitcoin price’s trajectory, Tolberti anticipates that it will attain $39,000 by the culmination of 2023. Nonetheless, he forewarns that this voyage will not be untroubled, with resistance already manifesting at $29,167, where the 0.618 Fibonacci retracement level was established in the antecedent wave.
On a broader time horizon, employing the Elliott Wave pattern, Tolberti posits the presence of a “robust nesting (1-2-1-2) or an expanding leading diagonal wedge (1-2-3-4-5)” within the $24,900-$28,500 range. Tolberti further expounds, “Both of these configurations are bullish in nature and lend support to the initiation of the bull market!”
Nonetheless, the analyst anticipates a lackluster performance of the Bitcoin price at the outset of 2024. “I am bracing for the impending bull market set to unfold in the ensuing weeks leading up to January,” Tolberti remarked. “Expect January to usher in a bearish phase.”
Where Does the Bitcoin Price Navigate?
Tolbert’s most recent prognosis concerning the Bitcoin price predominantly centers on the short-term prospects for the last quarter of the year. However, his preceding prognostications afford a clearer perspective on the price’s ultimate destination, especially within the context of a bullish market.
In September, the crypto analyst disseminated an analysis wherein he envisaged the Bitcoin price ascending to as high as $130,000 by 2025. The graphical representation portrayed an ascent to the $80,000 threshold, followed by a 30% retracement. Subsequently, another upswing catapults the price into the $130,000 range.
While Tolberti envisions an upbeat trajectory for Bitcoin, Bloomberg analyst Mike McGlone prognosticates that BTC will regress to $10,000. McGlone does not envision a buoyant fourth quarter for Bitcoin, and in conjunction with the ascending interest rates, he anticipates further descent.