Good morning!
Yesterday bitcoin (BTC) was in the news a lot again. For example, we saw that a brand new bitcoin exchange traded fund (ETF) was launched, but this one was special. This is because investors can use this ETF short to go. In addition, the big boss of Ethereum made it Stock to Flow model of bitcoin ridiculous and a Bloomberg analyst predicted the bottom for bitcoin. These news have no obvious tonight influenced the price.
Bitcoin is up about 2% since 00:00. The current price at the time of writing is $20,532 on crypto exchange Coinbase† The euro price of bitcoin is €19,580 on the Dutch exchange bitvavo† Trading volume declined by 3.3% over the same time frame. Bitcoin has fallen 2% in value over the past seven days. In the past 24 hours, the price has fallen by about 1.2%. The total market value of Bitcoin at the time of writing is $391.6 billion. Compared to the total crypto market cap, the bitcoin dominance comes out at 43.4%, the same level as 24 hours ago.
Bitcoin Analyst Sees Clear Similarities With Previous Crash
Recently, the analysis of Twitter analyst named TechDev caught the eye. He shared the analysis below with his almost 400,000 followers. He noticed that a number of indicators in the current price trend of bitcoin looked very similar to the old price trend.
He compares the decline we saw in 2014 with that of 2018 and now. In this, the analyst notices that with every drop we make at least an ABC Elliott Wave down, have a divergence on the MACD, consolidation on the 100 moving average eventually breaking out on the downside and a bottom on wave A’s 61.8% fibonacci.
– A to the 50W EMA
– B above the 20W
– Final leg of C after 20 crosses 50
– Terminates after 20 crosses 100?Curious if this year+ #BTC correction continues to follow the blueprint of the last two. pic.twitter.com/Q95ukHy62t
— TechDev (@TechDev_52) June 18, 2022
In addition, he gives a number of additional signals, but the declines in this way correspond on many points. Does this also mean that the bottom is almost in sight? The analyst is also curious about this. Finally, he indicates that he will see whether bitcoin again follows this plan or whether we deviate from it this time.
Bitcoin Predictions from Crypto Insiders Analysts
Earlier this week, our analysts predicted the following scenario. The chart below is still applicable at the time of writing 21 June. Based on Elliott Wave and Fibonacci analysis, our analysts concluded that we are in an ABC pattern. The B wave will take us up a bit, but we expect a stronger dip after that to complete the pattern.
For the full analysis with price levels, see the Discord environment from Crypto Insiders!
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