The Bitcoin price continues to falter and move sideways, but according to the Elliot Wave Theory, boredom will soon end. The Elliot Wave theory is a pattern from technical analysis that often appears in the charts. Bitcoin now seems to be following the Elliot Wave almost exactly and in that regard there seems to be little room for doubt about Bitcoin’s next price move.
Ralph Nelson Elliot and his Elliot Waves
In the 1930s, Ralph Nelson Elliot developed what he himself called the Wave Principle. According to Wikipedia Elliot said that while stock prices may seem random and unpredictable, they actually follow some predictable laws of physics that you can measure and predict with Fibonacci numbers.
Today we call his theory the Elliot Wave Theory. Each wave has a specific character and its own rules. The waves alternate between bullish and bearish phases. Odd-numbered phases are impulsive and move in the direction of the trend, while the even-numbered waves are corrections that go against the trend.