A crypto analyst who says Bitcoin is going to $ 65,000 by 2021 has just announced a new warning that BTC bears can make a strong recovery in the short term.
In a new report on Seeking Alpha, founder of ElliottWaveTrader.net, Avi Gilburt, says that more withdrawals are needed to confirm that the next big bull run has started. Traders use Wave Elliott's theory, a method of analyzing the market, to predict future price implementation by identifying mass psychology that manifests in waves.
“Recently, we have seen this market become overheated, insulting up with only the smallest correction. If you are familiar with Elliott Wave, you know that impulsive movement showing the start of a bull market comes in the form of five waves. Unfortunately, in the most clear view of this rally from our lowest in December, we only have three waves. So, sometimes, extending beyond standard targets may suggest something smaller in the bigger picture.
Gilburt says he is now looking for a fourth wave that would probably bring Bitcoin much lower than the $ 6,000 mark.
So, in order for us to stay SEX, we need to see a clear correct retrieval that presents as our 4th wave off December's lows, and then fifth wave is higher to eliminate & # 39; The risk that the bear might return for one final flush. In order for a bullish structure to be reliable, now we need to see step 4 corrected backed by over $ 5,330 and then rally over $ 10K. On the other hand, if we fall through the $ 5,330 level in an impulsive structure, the prospects of a lower low in the complex increase dramatically. ”
Gilburt says that the warning signs could be too much warning, and point out that anything is possible, especially in the volatile crypto market.
Currently, Bitcoin is up 4.01% at $ 8,032 according to COIN360. Ethereum is up 4.69% at $ 256.02 and XRP is up 3.03% at $ 0.4007.
Technical analysts read Bitcoin's mixed signals, with increasing hope for Ethereum.
CoinDesk – Bitcoin's repeated failures to pass $ 8.3K raise the risk of recharging prices
FXStreet – BTC is getting stuck at $ 8,250 with $ 9,500 at its crossings
NewsBTC – ETH price follows a growing channel: targets $ 270, $ 280
Crypto Briefing – The pattern is pointing to $ 320.00 and $ 500.00 levels as medium potential surface targets in the medium term
Blockonomi – XRP has to poke to climb above $ 0.40 and $ 0.42
FXStreet – An XRP / USD remains under $ 0.40, bears controlled
Search for Alpha – Long-term purchasing volumes point to a slower, more steady end
FXStreet – LTC / USD is stuck in with a bullish bias
Bitcoin Cash, EOS, Binance Coin, Sellar, Cardano, Tron
Cointelegraph – Potential for one further round of sale: BTC, ETH, XRP, BCH, EOS, LTC, BNB, XLM, ADA, TRX analysis.
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