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Could ETF Hype Cause BTC Price To Double?

2 Mins read

Bitcoin price is struggling to crack resistance around $47,000 per coin, but it might not be long until it does thanks to the backdrop of bullish spot BTC ETF news. The news could also be supported by a change in mass crowd psychology, according to Elliott Wave Principle and the current projected count in BTCUSD. All of this could cause the top cryptocurrency by market cap to double in a flash.

The Countdown To Bitcoin Price Doubling

During every major bull run, there is a phase where the rally is supported by the regular occurrence of bullish Bitcoin news. If it all seems to arrive at once, this is due to the way mass crowd psychology works, according to Elliott Wave Principle.

When an asset, in this case BTCUSD, reaches what’s referred to as an impulse wave, humans begin to behave in an impulsive way, selling at the first sign of a correction, and buying every minor pump that ultimately gets retraced. Because so many market participants are entering during this phase, things get extra volatile.

If this sounds familiar, this is precisely what’s going on with Bitcoin now, and it’s only going to pick up momentum as ETF-related investments are revealed. Compare the chart below referencing BTCUSD now versus late 2020. During the green box, bullish news was breaking all day long.


Is BTC poised to double soon? | BTCUSD on

Show Me The Charts, And I’ll Tell You The News

An onslaught of big companies began buying BTC, such as MicroStrategy, Tesla, and Square. From the bottom of what is labeled wave (iv) in BTCUSD to the top of wave (v) in 2020 into early 2021, the first ever cryptocurrency went on a 136% run. This caused price to more than double from around $18,000 to $42,000.

Today, Bitcoin is in a similar wave count, with news catalysts ready to help propel the crypto market higher. If the Elliott Wave Principle count is accurate, BTCUSD could see a similarly move where it doubles in a matter of a month. Another 136% increase from here would take BTC to around $95,000 per coin and complete wave (v) and wave 3.

Wave 3’s are commonly referred to as an impulse wave. An impulse wave can be sub-divided into five sub-waves. When the powerful wave 3 ascent is over, only a short-lived wave 4 sharp correction should follow, at which point wave 5 will begin and complete the cycle.


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Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
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