You can also find out more about the following: Elliot Wave theory Bitcoin analysts have found it very useful in predicting the price direction of Bitcoin. next. XForceGlobal, a crypto-analyst pseudonym, has predicted what might happen using this theory next You can also find out more about the following: the Bitcoin price.
The Elliot Wave Theory points to a recovery
Analysis posted TradingView uses the 5 wave method. Elliot Wave theory To predict further gains for Bitcoin. This chart shows the various waves and subwaves that have different implications on the Bitcoin price.
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A crypto analyst has noted that subwaves 1-5 are in effect. Subwaves 1 and 2, have already finished, but the analyst believes that subwave 3 will continue the upward trend.
It is good that Bitcoin is caught up in Wave 3, as the third wave has been known to be bullish. This is a very long wave. its effects will last longer Wave 2 of the bearish trend, although it is smaller than Wave 1,
Instead of simply being a straight shot for the Bitcoin priceCrypto analyst, warns it may end up as an ABC Wave, which has a negative price. The Bitcoin price will rise, and then fall in this scenario.
Bitcoins Targeted Going Forward
As previously mentioned, Bitcoin price being caught in the subwave 3 Bullish means that the price can surge even higher from here. A 100% increase from the chart is possible. This could take the BTC value to $126,000.
Then, there is the next Subwave 4 is the most bearish wave and analysts predict a big crash. The analysts set the price at $39,728, a 60% drop from $126,976 from subwave 3 which was the biggest drawdown. the Bitcoin price Since 2022.
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You can also find out more about the following: next Subwave 5 will then be expected to carry on the bullish narrative. It is predicted that the price of the stock market will rise by over 2000% compared with the previous subwave’s lows. The five waves are expected to culminate at around 153,000.
The crypto analyst cautions against bullish scenarios. “while the evidence strongly suggests that Bitcoin will reach higher levels before any significant correction, it is crucial to remain adaptable as market conditions evolve.”
Then they added: “No theory can predict market movements with absolute certainty. By staying informed and considering multiple scenarios, investors can better navigate the complexities of the cryptocurrency market.”
Featured image was created using Dall.E chart, from Tradingview.com
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Source: www.newsbtc.com