Trying to determine when Bitcoin will bottom out is the perfect time to buy is a goal of many cryptocurrency traders. As a result, cryptocurrency analysts have used various indicators to predict the best time to buy Bitcoin. This quest has not abated even after the price of BTC reached a fresh all-time high earlier this year, as cryptocurrency analyst RN Elliot raised the alarm, claiming that this is the best time to buy the leading cryptocurrency.
Time to buy Bitcoin
Analyst Chart steering to the “Double Zigzag” pattern that has formed for Bitcoin. As the name suggests, it involves two different zigzags, both of which are likely to play out the same way. Since the first pattern has already been completed, which the crypto analyst placed at BTC’s all-time high above $73,000.
Since the analyst believes a second zigzag pattern could form in the same manner, it is likely that it has already played out after the crash from $70,000 to below $50,000. If this analysis is correct, it could mean that Bitcoin price is poised to rebound from this point.
Hence, a Bitcoin rebound could push the price above $74,000, which would mean a fresh all-time high for the pioneering cryptocurrency. Moreover, such a rise would have a ripple effect on the entire market, triggering another possible bull run for altcoins.
Using Elliott Wave to Measure Down Time
Elliot Wave analysis focuses on the popular Elliot Wave tool as a way to predict when the best time to start buying Bitcoin will be. The tool uses a series of waves to predict when the price is likely to rise and fall, suggesting periods of bearish and bullish momentum. Using this tool, the crypto analyst believes he was able to pinpoint the end of a bearish trend.
According to the crypto analyst’s prediction, it is time to start buying Bitcoin as the zigzag pattern is still ongoing. Regarding the Elliott Wave Theory, the crypto analyst explains that Bitcoin is in its third wave. However, it is not a standalone wave, and the prediction is that it will consist of five sub-waves.
As this wave progresses, Elliot expects an “Expanding Diagonal” pattern to form. According to the analyst, this pattern usually appears in a volatile market. However, as the pattern continues, he believes the price will rise.
Bitcoin price upside targets have been set at $84,331.60 for the compact wave and $106,219.60 for the longer wave. Regardless of the wavelength, either of these price points would guarantee a brand fresh high for the pioneering cryptocurrency.
Featured image created with Dall.E, chart from Tradingview.com
