Two weeks ago, crypto analyst Tolberti made headlines for his incredibly bullish Bitcoin price outlook. The analyst is back again with another forecast and this time he’s telling investors to enter the market with reasons to back it up.
Last chance to buy BTC
In a recent post on Tradingview, crypto analyst Tolberti says sounded a warning alarm that this is the last chance for investors to buy Bitcoin. The reason for this, according to Tolberti, is that the Bitcoin price is heading for a huge rally.
Tolberti points out that bulls have successfully broken a major downtrend line, which he points to BTC’s 12-hour chat. The analyst explains that this is the last chance to buy Bitcoin at this low price, as “this trendline has been destroyed by the bulls, and we have had a successful retest of it too!”
As for where the Bitcoin price is headed, Tolberti believes it will reach $39,000 by the end of 2023. However, he warns that this will not be smooth sailing, as resistance is already at $29,167, while the Fibonacci value of 0.618 was already established in the last century. golf.
BTC price chart to $39,000 | Source: Tradingview.com
On the longer time frame, using the Elliot Wave pattern, the analyst places a “strong nest (1-2-1-2) or a growing leading diagonal wedge (1-2-3-4-5).” in the range of $24,900 – $28,500. “Both are bullish patterns and support the start of the bull market!” Tolberti explained further.
However, the analyst expects the Bitcoin price to perform poorly in early 2024. “I am prepared for the bull market that is coming in the coming weeks until January,” Tolberti said. “Expect January to be a bearish month.”
Where is the Bitcoin price going?
Tolbert’s latest Bitcoin price prediction focuses more on the short term for the last three months of the year. But his past predictions provide a clearer picture of where he expects the price to rise, especially during a bull market.
In September, the crypto analyst published an analysis estimating the Bitcoin price at a high of $130,000 by 2025. The chart showed a rise to the $80,000 level before a 30% retracement. After this, another rebound brings the price into the $130,000 range.
While Tolberti sees a bullish move for Bitcoin, Bloomberg analyst Mike McGlone expects BTC to fall back to $10,000. McGlone doesn’t see a bullish fourth quarter for Bitcoin, and combined with rising interest rates, the analyst expects a bigger decline.
BTC price at $28,000 | Source: BTCUSD on Tradingview.com
Featured image from Nairametrics, chart from Tradingview.com