Crash

bullish

Bitcoin

The <a href="https://www.newsbtc.com/news/shiba-inu-coin/shiba-inu-elliot-wave-count/">Elliot Wave theory</a> has become very popular among Bitcoin analysts, given its effectiveness in helping to estimate where the cryptocurrency’s price is headed next. Using this same theory, pseudonymous crypto analyst XForceGlobal has estimated what could happen next for <a href="https://www.newsbtc.com/analysis/btc/bitcoin-eyes-63000-key-indicators-signal-further-decline-time-to-sell/">the Bitcoin price</a>. 
<h2 class="p2" id="elliot-wave-theory-points-to-a-recovery">Elliot Wave Theory Points To A Recovery</h2> 
In the analysis <a href="https://www.tradingview.com/chart/BTCUSD/AKQ2n1hH-Predicting-Bitcoin-s-Cycle-Using-the-Elliott-Wave-Theory-Part-2/" rel="nofollow">posted</a> on TradingView, XForceGlobal used the 5-wave <a href="https://www.newsbtc.com/news/elliot-wave-theory-bitcoin-top/">Elliot Wave theory</a> to predict further upside for the Bitcoin price. The chart maps out the waves and subwaves, all of which carry various implications for the Bitcoin price. 
The crypto analyst points out that the subwaves are currently in play, ranging from 1-5. So far, subwaves 1 and 2 have finished their run, and with subwave 3, the analyst expects the price to continue to rise as this wave forms. 
The Bitcoin price being caught in Wave 3 is actually good for the price from here, given that the third wave is known to be bullish. It is also a long wave, meaning that <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-pulls-back-70k/">its effects will last longer</a> than that of bearish wave 2, although shorter than Wave 1. 
However, instead of just being a <a href="https://www.newsbtc.com/altcoin/bitcoin-ethereum-and-solana-on-traders-radar-whats-going-on/">straight shot for the Bitcoin price</a>, the crypto analyst warns that it could end up being an ABC wave, which is inherently bearish for price. In this case, the Bitcoin price would rise and then decline. 
<h2 class="p2" id="bitcoin-targets-going-forward">Bitcoin Targets Going Forward</h2> 
As mentioned above, the <a href="https://www.newsbtc.com/news/bitcoin-back-on-radar-to-hit-80000-then-new-ath-analyst-says/">Bitcoin price being caught in the subwave 3</a> is bullish, meaning the price could surge further from here. According to the crypto analyst’s chart, a 100% move from here is possible, putting the BTC price as high as $126,000. 
However, the next wave, Subwave 4, is very bearish and the analyst predicts a major crash. They put the target as low as $39,728, which is an over 60% decline from the $126,976 price target from subwave 3, which would mark the most notable drawdown in <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-analyst-predicts-super-cycle-with-a-target-of-220000-but-this-must-happen-first/">the Bitcoin price</a> since 2022. 
The next wave, Subwave 5, is then expected to continue the bullish narrative, triggering an over 200% rise from the lows from subwave 4. It is expected to peak at around $153,000, marking the completion of the five subwaves. 
Despite the bullish scenarios mapped out, the crypto analyst warns that “while the evidence strongly suggests that <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-open-interest-39-5-billion/">Bitcoin will reach higher levels</a> before any significant correction, it is crucial to remain adaptable as market conditions evolve.” 
They further 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.” 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/Db4EaJhs/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1518">

Elliot Wave Theory Suggests Bitcoin Price will Crash Below $40,000

目錄

NewsBTC

在 2024年7月31日發表的其他文章

iGaming Platform BC.GAME Signs $40 Million Deal to Become Principal Partner of Leicester City

Analysts Are Optimistic On BONE Price: Is It Ready For A 5x Rally?

Solana’s trading volume spike – Good news for SOL prices or…

Worldcoin Expands to Austria Amid Growing European Presence

FED Interest Rate Decision is Expected in Bitcoin Today! At what time will it be announced? Here ...

XRP Analyst Thinks The Coin Is Ready To Skyrocket By 21,000% To Over $150

訂閱免費電子報，每天收取加密貨幣最新動態！