In this article, we discuss Bitcoin (BTC), the king of cryptocurrencies. This technical analysis from our Premium environment examines Bitcoin’s recent price fluctuations and what they could mean for the near future.
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New entry points for Bitcoin (BTC)
The world of cryptocurrencies is constantly evolving and prices can fall as often as they rise. Even if the value of a cryptocurrency falls, new opportunities for profit arise. Our experts believe that Bitcoin could soon experience a decline and create a new entry point. Read on for the latest analysis from our experts:
“We see an interesting pattern on the Bitcoin chart. Price is forming an ending diagonal wave 5, which is part of a larger wave 1 of a 12345 Elliott wave pattern.
This wave 5 is nearing completion and we expect it to end in the blue zone between $39,000 and $42,000. Once this blue zone is reached, a correction in the form of an ABC Elliott wave pattern seems likely.
This correction could take BTC into the green zone around $33,000, a level that we see as a possible time to buy more Bitcoin. After this correction, we expect a significant upward movement again.”
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Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts’ own insights and experiences. These therefore serve exclusively educational purposes
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