I noticed that the CRCL stock is making an interesting move on the charts. It went from $85 at the beginning of the month to $108 now, and it seems to be forming a pattern that analysts call Elliott waves. If technical analysis is correct, this could lead to a much bigger jump in the coming months.

The Elliott wave pattern I see here is like this: the stock fell to $48.80 in February, then shot up to $135 in March when the company announced good results. Then it pulled back to $84 when some traders took profits. Now it appears to be starting the third wave, which is usually the strongest. If this is confirmed, the next target would be $137, then $175, and eventually $200.

What makes this scenario more plausible is that Circle’s business is really growing. The USDC in circulation jumped from $60 billion in January to $78.8 billion now. The more stablecoins circulating, the more revenue the company generates from interest. Some analysts like Gab Growth are quite optimistic about this trajectory.

Of course, there’s one detail: Coinbase is a partner and takes a good share of the revenue generated on their platform. But Circle is diversifying with new products and services, so it’s not so dependent on that. If the Elliott waves confirm and the business continues to grow, this move to $200 isn’t so crazy. It’s worth keeping an eye on.