As a seasoned researcher with years of experience analyzing financial markets, I have seen my fair share of market trends and patterns. However, when it comes to cryptocurrencies, especially Bitcoin, the volatility is a league of its own.
Many cryptocurrency traders are constantly seeking the ideal moment to purchase Bitcoin by attempting to predict its market bottom. In their effort to forecast the optimal buying time, these traders and crypto analysts often rely on various indicators. Despite Bitcoin’s price reaching a new record high earlier this year, this quest for the perfect entry point has not diminished. Recently, renowned crypto analyst R.N. Elliot has issued a warning, suggesting that now could be the best time to invest in the leading cryptocurrency.
According to the chart drawn by the analyst, Bitcoin appears to have shaped a “Double Zigzag” formation. As the name suggests, this pattern consists of two separate zigzags, and both are expected to unfold in a similar manner. Since the initial pattern seems to be concluded, which the crypto expert correlates with Bitcoin’s all-time high surpassing $73,000.
As a researcher examining Bitcoin’s price movements, I find myself intrigued by the possibility of the second zigzag pattern emerging. Given the analyst’s perspective, if the crash from $70,000 to below $50,000 was indeed a catalyst for this pattern, it suggests that the Bitcoin price could be poised for recovery at this point.
As a researcher analyzing the Bitcoin market, I’m optimistic that a recovery could propel its price beyond $74,000, establishing a fresh all-time high for this trailblazing cryptocurrency. Such an upward trend might not only boost Bitcoin but also ignite another potential bull run among altcoins.
Using The Elliot Wave To Time The Bottom
Elliot’s study primarily centers around utilizing the Elliot Wave technique as a method for determining optimal times to invest in Bitcoin. This technique involves a sequence of waves aimed at forecasting potential price fluctuations, indicating both bearish and bullish market trends. By employing this method, the cryptocurrency analyst claims to have identified an end to the prolonged bearish phase.
According to the crypto expert’s projections, it appears advantageous to invest in Bitcoin at present, as the up-and-down pattern continues. As for the Elliot Wave principle, the analyst suggests that we are currently in the third phase of Bitcoin’s progression. However, this phase doesn’t necessarily mean a standalone wave with an expectation that it will be divided into five smaller waves.
As this trend advances, Elliot anticipates that a “Broadening Triangle” pattern might develop. This analyst typically observes such patterns emerging during volatile market conditions. Yet, as the structure solidifies, he predicts an increase in price.
The anticipated highs for Bitcoin’s surge are set at approximately $84,331.6 in a short term scenario and $106,219.6 if it extends over a longer period. Whichever wave duration it is, reaching either of these price levels would establish a fresh record high for the trailblazing digital currency.
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2024-08-26 10:16