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Over the past few weeks, the price of Bitcoins has been up to the trajectory, driven mainly by institutional reception and purchase. This meant that the bitcoin price increased to the up-to-date highest all -time in the amount of USD 111,900 and remained above 100,000 USD despite shortening market moods in the direction of negative. However, this support did not enhance self -confidence, and one of the analysts predicts that they were leading cryptocurrency saw the end of this bull cycle.
The Bitcoins price ends the theory of Elliot wave
The theory of Wave Elliot is a model of the chart that was widely used because Bitcoin has become a more mainstream to predict where the price may be next. The theory consists of five full waves, at the end of which lies bears for digital assets. So far The price of bitcoins moves through various waves According to various analysts. But Sniper Academy on the TradingView platform revealed that five waves were completed.
Using a 1-month Bitcoin price chartThe cryptographic analyst shows that five different waves were completed. The latest highest peak of all time above USD 111,900 showed that it was the fifth and last wave, suggesting that this stubborn impulse is completed.
Considering that the Bitcoin price has completed this theory, the cryptographic analyst explains that this means that the cryptocurrency has now reached the upper limit of the long -term ascending channel. Simply put, it is a very bear for the digital resource, because it means the end of his trajectory up.
At the moment, the analyst has shown that the Bitcoin price already creates a discrepancy after the end of the fifth wave. This caused the weakness of the momentum and came as a result of resistance between 76,000 to USD 111,000. This trend shows that a potential double top has been created, which means that there is no bitcoin price anywhere, but down.
The BTC price is $ 31,000
Considering the fact that the cryptographic analyst believes that the theory of Wave Elliot took place and five waves were completed, the next Waiting is a rapid decrease in the Bitcoin price. The first move is expected to USD 66,000, which would be almost 50% of the price drop.
However, this is not the worst, because the cryptographic analyst sees that the cryptocurrency will still fall to USD 53,000. Then, if this level does not persist, a decrease up to $ 31,000, serving as the bottom of the channel. It also coincides with the output of 0.618 Fibonacci.
After the Bitcoins price returns in the amount of USD 31,000, the cryptographic analyst believes that accumulation will start in this key zone. It will then serve as an vital level that drives the beginning of the next huge bull cycle.
A distinguished picture from Dall.e, chart from TradingView
