A prominent analyst predicts a sustained correction for Bitcoin, but believes that altcoins will benefit.
An industry insider named Credible told its 266,400 Twitter followers that Bitcoin is in the middle of a wave 4 correction and could move in two directions before triggering the last big bull run in its bull cycle.
“19 months later, and here we are. It really doesn’t matter what type of structure this wave 4 will form. The goal is the same: to pile up again before the start of wave 5, the last wave of this bullish cycle. ”
The analyst relies on Elliott Wave Theory, a method of technical analysis that predicts future price movements by analyzing the sentiment of the crowd across each wave. According to Credible, Bitcoin’s fourth wave – the final correction before BTC’s final rally – could take the shape of a large symmetrical triangle.
The source: Credible / Twitter
Based on the Credible chart, Bitcoin’s correction phase could last until 2022, pushing Bitcoin back by around $ 35,000.
The analyst also suggests another pattern where Bitcoin could drop to around $ 40,000 before the start of its final wave.
Source: Credible / Twitter
As Bitcoin goes through an accumulation phase, he said that altcoins would come into the limelight and be led by the smart contract platform Ethereum.
“As long as ETH / BTC holds above this level, it will set the stage for some significant upward moves in Alts.”
The source: Credible / Twitter
Looking at the ETH / USD pair, Credible says the ETH needs to reclaim $ 4,400. Otherwise, a rejection around the current price level could trigger a sell-off event that will cause the ETH price to drop below $ 4,000.
“ETH is having some relief rallies here, but was sold as it neared the $ 4,400 mark, which suggests it is time to be careful. I closed a small part of the profit here. However, if the price breaks above this zone, the next target is a new ATH level. Otherwise, ETH could drop to $ 3,000 or less. ”
The source: Credible / Twitter
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
SN_Nour
According to Dailyhodl
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…
Over the years, meme coins have evolved from inside jokes into serious investment opportunities.
Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…
Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…
Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…
BTFD Coin is offering a chance to relive the glory days of meme coin investing,…
This website uses cookies.