Bitcoin price risks are disrupted to $ 31,000, amid the completion of the wave drive 5
The cause of confidence
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During the past few weeks, the price of bitcoin in an ascending path was mainly driven forward through institutional adoption and purchase. This has seen bitcoin prices to the highest new levels ever at 111,900 dollars, and it remained above $ 100,000 despite the market morale towards negativity. However, this support did not enhance confidence, as an analyst expected that the leading cryptocurrency has witnessed the end of this bull cycle.
Bitcoin price complements Elliot wave theory
The Elleot Wave theory is a striped style that has been widely used as Bitcoin has become more prevalent in an attempt to predict the existence of the price after that. The theory consists of five full waves, in the end a declining direction of digital assets. So far, and Bitcoin was moving through different waves According to two different analysts. But Snper Academy on the TradingView platform open The five waves have been completed.
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Using one month Bitcoin price schemeThe encryption analyst shows that there are five different waves that have been completed. It turned out that the latest peak at all above $ 111,900 was the fifth and last wave, indicating that this upscale motivation was completed.
Given that the price of bitcoin has now completed this theory, the encryption analyst explains that this means that the encrypted currency has now reached the upper limits of a long -term upward channel. Simply put, this is very comfortable for the digital origin because this means an end to its upward path.
Currently, the analyst has shown that the price of bitcoin is already a difference after completing the fifth wave. This led to a weakness in the momentum, and it came as a result of the resistance, ranging between 76,000 dollars and 111,000 dollars. This trend shows that a potential double summit has been created, and this means that there is no place to reach the Bitcoin price now but down.
The BTC price seeks to $ 31,000 below
Looking at the fact that the encryption analyst believes that the theory of Elliot Wave has been played and that the five waves were completed, the next day Expecting is a sharp decrease in bitcoin price. The first step is expected to be about $ 66,000, which will be a decrease of approximately 50 % in the price from here.
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However, this is not the worst of it, as the encryption analyst sees the cryptocurrency still decreases to $ 53,000. Then, if this level fails to keep it, the fall reaches 31,000 dollars, and it is the bottom of the canal. This also coincides with 0.618 Vibonacci retreat.
Once Bitcoin returns at $ 31,000, the encryption analyst believes that accumulation will start in this main region. This will be the important level that will lead to the beginning of the next main bull cycle.
Distinctive image from Dall.e, TradingView graph
