Bitcoin is on track for a bullish surge, potentially hitting $120,000 according to analyst Xanrox, who warns of a subsequent 50% crash to $60,000. Employing Elliott Wave theory, he suggests two more bullish waves remain before a major correction, which aligns with historical price patterns. Investors are encouraged to prepare for this downturn after the anticipated peak.
Bitcoin has once again grabbed attention as its price embarks on what could be the last leg of its current bull cycle. Analysts are optimistic, buoyed by macroeconomic factors and institutional support, showing hints of strength. Some forecasts suggest a significant surge towards a new all-time high (ATH) exceeding $120,000, followed by a sharp fall to around $60,000—a hint at a potential bear market on the horizon.
Xanrox, a notable crypto analyst on TradingView, has shared his prophetic views regarding Bitcoin’s price movements. He indicates that Bitcoin is nearing the end of its bullish phase, hinting that the cryptocurrency is on the verge of a sizeable price spike. He uses Elliott Wave theory to illustrate this trend, revealing that Bitcoin is currently in Wave 3 of a five-wave cycle, which typically precedes a significant price correction.
This bullish phase is expected to culminate in two final waves—Wave 4 and Wave 5—before the anticipated peak. Xanrox pinpoints the target for this bullish rally to be in the $120,000 to $125,000 range and identifies a specific Fibonacci Extension target of $122,069 as a critical point. Such a peak would be strategically significant, serving as a potential point for investors to sell ahead of the expected market downturn.
In his analysis, the analyst underscores the importance of historical price movements. Bitcoin has shown a notable tendency to pivot around the 50-week Simple Moving Average (SMA). This regular behaviour at pivotal cycles reinforces the bullish forecast and highlights the possible reliability of the predicted price targets.
However, there is caution amongst the optimism. Xanrox anticipates a significant market correction in 2026, predicting that Bitcoin’s price will decline to about $60,000 post-bullish wave completion. He notes that this 50% decrease mirrors similar sharp corrections seen in previous market cycles, particularly during the bear markets of 2018 and 2022.
Xanrox stresses this projected crash as a natural conclusion to Bitcoin’s four-year price cycles. Investors are advised to be wary—selling at the proposed peak of $122,069 could expose them to steep losses. Hence, the recommendation is to exit the market at this peak, awaiting a chance to reinvest during the expected dip in 2026.
