Like EVERYTHING in life, markets also moves in cycles and Bitcoin is no exception. From the Big bang theory to the global warming, it's all about cycles. Always. That's why Elliott wave theory, as imprecise as it can be, is one of the best indicator to help us know where we could be in a market cycle. So, where the f**k are we in this crypto cycle now and where is the end ?
Well according to Ralph Nelson Elliott (the creator of this theory), a main trend (impulsive wave) is composed of 5 waves. 3 of those waves are impulsive and 2 are correction waves. To simplify, the market trend go thru 3 major fall or climb before we see an Elliott wave correction pattern (3 waves correction who goes against the trend) and then after this correction wave the market continue the main trend or have a real reversal and break the main trend and start a new cycle.
If you take a look at the chart, you will see that Bitcoin might have start a new main trend (bearish one) around 20k. The good news is we are currently in the last wave of this new cycle (new impulsive wave). So when this wave will be over (will the price be at 5k, 4k, 3k ? I have no idea), BTC should A) : Have at least a big pump with a 3 waves correction pattern but won't be able to break ATH and will then continue it's main trend with a new impulsive wave to the downside or B) : Be over with this bear market and break the downside main trend and will start a new cycle to the upside and break ATH.
So Elliott wave theory tell us we have 2 options for the crypto market right now... Let's see what the market will choose.
However, If the last wave is fully completed, this mean the market should have lost around 90% of it's valuation. The worst two Bitcoin fall were about 90% drop before the real reversal and the beginning of a new cycle...
Stay tuned for more updates,
Fred
Well according to Ralph Nelson Elliott (the creator of this theory), a main trend (impulsive wave) is composed of 5 waves. 3 of those waves are impulsive and 2 are correction waves. To simplify, the market trend go thru 3 major fall or climb before we see an Elliott wave correction pattern (3 waves correction who goes against the trend) and then after this correction wave the market continue the main trend or have a real reversal and break the main trend and start a new cycle.
If you take a look at the chart, you will see that Bitcoin might have start a new main trend (bearish one) around 20k. The good news is we are currently in the last wave of this new cycle (new impulsive wave). So when this wave will be over (will the price be at 5k, 4k, 3k ? I have no idea), BTC should A) : Have at least a big pump with a 3 waves correction pattern but won't be able to break ATH and will then continue it's main trend with a new impulsive wave to the downside or B) : Be over with this bear market and break the downside main trend and will start a new cycle to the upside and break ATH.
So Elliott wave theory tell us we have 2 options for the crypto market right now... Let's see what the market will choose.
However, If the last wave is fully completed, this mean the market should have lost around 90% of it's valuation. The worst two Bitcoin fall were about 90% drop before the real reversal and the beginning of a new cycle...
Stay tuned for more updates,
Fred
تم فتح الصفقة:
So we finally had our double bottom ! Let's see what's next for Bitcoin.
