A popular crypto analyst Bitcoin He made a new prediction about. He predicted that Bitcoin would experience a decline before experiencing an upward boom.
While the crypto king “is doing nicely,” the crypto analyst with the pseudonym Credible Crypto told his 360,400 followers on X, it could briefly drop below $40,000 before sparking a rally once again. stated.
According to Trader, the highest by market value crypto- The asset’s next move upwards must be above the $60,000 price tag.
It is now completing a fourth wave consolidation above $40,000 in preparation for the next impulsive move towards $60,000. The structure is incredibly clean and this fourth wave could technically break below $40,000 without causing any structural ‘damage’, but I don’t see that happening.
NEWS CONTINUES BELOW
The analyst is based on Elliott Wave theory, a method of technical analysis that attempts to predict future price movements by following crowd psychology, which tends to manifest in waves. According to the theory, a bullish asset witnesses a five-wave uptrend with the second and fourth waves acting as corrective periods.
Looking at Trade’s chart, he appears to be predicting that Bitcoin is on the tail end of a fourth wave correction, with the fifth and final wave reaching $60,000.
Bitcoin is trading at $40,944 at the time of writing.
In an accompanying video update, the analyst updated his perspective on leading smart contract platform Ethereum (ETH), saying he believes ETH has reached its short-term low and will rise as BTC rises.
I think Ethereum’s bottom is probably at this point… Ethereum is likely forming a bottom in the $2,154-$2,216 region and then we are likely to follow Bitcoin on the upside.
So, although we previously expected Ethereum to break below the $2,154 level, I think these lows will continue in line with the local lows for Bitcoin.
Koinfinans.com As we reported, Ethereum is trading at $2,170 at the time of writing and is still above the analyst’s short-term low.