A popular crypto strategist and trader predicts that Bitcoin will enter a prolonged correction phase, while altcoins may enter a massive price rally.
creditable analyst known by the pseudonym, has over 260,000 followers twitter From his account, he stated that Bitcoin is in the middle of a fourth wave correction and that the bull cycle could follow two possible paths before launching its last major rally.
“19 months later and here we are! It doesn’t really matter what kind of structure this fourth wave creates. The goal is the same: it will reaccumulate before the 5th and final wave of this bullish cycle…”
The trader is a technical analysis approach that predicts future price action by following crowd psychology, which tends to manifest in waves. Elliott Wave theorywhat you trust.
According to Credible, Bitcoin’s fourth wave will be the last corrective move before BTC’s last big rise, this price action can take the form of a large symmetrical triangle.
creditableAccording to the chart of Bitcoin, the correction phase could extend into 2022 and push Bitcoin back to around $35,000.
The analyst proposes another pattern where Bitcoin could drop to $40,000 next year before starting its final wave.
As Bitcoin goes through a reaccumulation phase, the smart contract platform of altcoins EthereumHe says he is ready to assemble under the leadership of .
“ETH/BTC As long as it stays at this level, we can prepare for some big bullish moves in altcoins.”
Analyst, who also examines the ETH/USD pair, says that ETH should retake $4,770. Otherwise, the rejection of current prices could initiate a sell-off event that pushes ETH below $4,000.
“We are seeing some relief at this stage, but we need to be cautious as we approach $4,400. I’m locked into some gains here. If we manage to clear the area, it’s probably worth a trip to the new ATH (all-time high), but if it gets rejected, we could see a drop to the mid-$3,000s or below.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.