In recent days, there has been a volatile course in the cryptocurrency markets and the Bitcoin price remained under strong selling pressure and fell to $ 35,000. This indicates that Bitcoin has entered a strong pullback, especially after reaching the $37,000 level last week, and investors are taking a cautious stance towards current developments. However, one popular analyst believes that despite yesterday’s decline, Bitcoin is still poised for a big rise.
Credible Crypto in the analysisEvaluating the latest developments in the cryptocurrency market, he especially discussed the wave movement that occurred after Bitcoin fell to the level of $ 35,266. Using Elliot Wave Theory, the analyst stated that Bitcoin’s overall price movement has a five-wave structure.
According to Elliot Wave Theory, when an asset is in an uptrend, price action follows a five-wave pattern, where the first, third, and fifth waves are upward movements, while the second and fourth waves are usually periods of consolidation. According to Credible Crypto, Bitcoin is currently in the final stages of a fourth-wave correction.
Another point that draws attention in the analysis is the ascending triangle formation formed by Bitcoin in the lower time frames. This pattern usually indicates that an asset is gaining strength and the price may explode upwards.
“More likely, this is probably [yükselen bir üçgen] I think it will turn out like this. This makes a lot of sense to me. Because triangles are usually found in fourth waves… Bitcoin is like an ascending triangle here [konsolidasyon dönemine] will appear and then break upwards. “That might be what we’re waiting for here right now… It could take different shapes and forms, but it makes perfect sense.”
According to chart analysis, a break of the $38,000 level would mark the end of the fourth wave correction and push Bitcoin towards its target around $44,000. This means that Bitcoin’s price may move in a positive direction in the near future.
The analyst also stated that yesterday’s withdrawal also reduced the amount of Bitcoin open interest. Credible Crypto considers the disappearance of excessive leverage as a positive sign and claims that BTC is now in a position to start moving upwards.
“We have seen a tremendous amount of liquidation; This is the largest liquidation amount since the rally began. Largest liquidation amount since $25,000. Open positions were completely deleted. “I don’t see much to be gained here by pushing the price lower and we are in a huge uptrend so expect aggressive buying on dips.”
Finally, at press time, Bitcoin is trading at $35,757.
You can follow the current price movement here.