$BTC Bitcoin opened the door that will lead it to historical highs
Technical analyst Joe Albano estimates how high bitcoin could reach in the current bullish cycle.
Bitcoin (BTC) is capturing market attention by surpassing a key technical level that could drive a rally towards historical highs of $176,000, according to a technical analysis by Joe Albano.
The specialist points out in a report that the recent completion of a corrective phase opens the door to a new bullish trend, positioning the currency as a standout asset in the landscape.
Albano bases his analysis on the Elliott Wave Theory, a method that identifies repetitive patterns in price movements to predict future trends.
This theory divides market movements into five impulsive waves (that follow the main trend) and three corrective waves (that go against the trend). It is important to clarify that this theory has enthusiasts and detractors and should not be seen as an absolute truth.