[Bitop Review] Coin Analysis: Bitcoin Targets $130K, Ethereum Struggles

Bitcoin broke through a new high yet again around 9 PM yesterday (20th), reaching $94,831 before retracing to around $93,138. It then continued its upward momentum, breaking another new high at 9 AM this morning, reaching $94,977.

At the time of writing, there has been a slight decline to $94,844, representing a 3.15% increase over the past 24 hours.

On the daily chart, after reaching around $74,000, the price retraced to the 0.618 Fibonacci level. Subsequently, it rose again and retraced to the 0.886 level after approaching $74,000, the previous historical high. This is a typical Elliott Wave pattern. If we follow this theory, each retracement is a wave, and we can usually see 4 to 5 waves.

If the price continues to maintain the momentum shown in the chart, the Bitop market analysis team predicts that Bitcoin can break $100,000 this year, and can reach $130,000 in this bull run.

Switching to the 4-hour chart, we can see a flag pattern forming. This pattern usually appears after a sharp rise or fall, consisting of a flagpole (green line in the chart) and a flag (yellow triangle in the chart), and it is a type of continuation pattern. Typically, after the price breaks out in the original direction, the minimum target price is calculated by adding the length of the flagpole to the breakout point.

In this case, the upper target of the flagpole is around $108,000, which is consistent with our target for this year.

Compared to Bitcoin, Ethereum's performance is quite weak. After completing the minimum target price of the ascending triangle, the price began to fall, all the way to the 0.618 Fibonacci level, which is around $3,030. Since then, the price has been oscillating between $3,000 and $3,200, and has been unable to regain upward momentum.

Switching to the 4-hour chart, we can find a small descending triangle forming, but due to the price failing to break through. The price start to fall into consolidation, and it has formed a parallel channel (blue area in the chart). The Bitop market analysis team estimates that Ethereum will continue to oscillate within the channel for a while until the market shows a clear direction.