288 Interactions, 2 today
- Bitcoin has undergone a strong drop since the highs of $19,500 seen last week
- A historically accurate analyst says that further losses are likely for the cryptocurrency
- The analyst shared a chart showing that Bitcoin is likely in the midst of trading in a dead cat bounce prior to further losses
- He cited the Elliot Wave form of technical analysis, which predicts that markets move in predictable waves.
Bitcoin Could Drop Toward $15,000
Analysts are mixed over what this correction means for the Bitcoin bull market: some think that the drop was a necessary correction before a stronger move higher. Others think that the drop is the start of a bigger correction that will likely end in the coin falling toward the $12,000-14,000 technical region.
A historically accurate analyst is currently leaning toward the latter option.
The trader recently shared a chart showing that Bitcoin is likely in the midst of trading in a dead cat bounce prior to further losses. This next drop, the analyst suggests, could bring the cryptocurrency toward the $15,000 region.
The chart below was shared along with this assertion. The chart shows Bitcoin’s recent price action, along with the assertion that it may be trading in an Elliot Wave pattern that may take it to $15,000:
“you love to see it, looking for another pop higher into 18k before opening some shorts. to me this is a clear abc up after a 5 wave decline, and complacency looks to be kicking in.”
The trader that shared this chart is the same one that in the middle of 2018 predicted that Bitcoin would fall as low as $3,200. He was proven almost exactly correct when the coin bottomed on top exchanges at $3,150 just months later.
Chart of BTC's price action over the past week with an Elliot Wave analysis by historically accurate analyst Benjamin (@SmartContracter on Twitter) Source: BTCUSD from TradingView.com