Bitcoin crashed significantly, as I warned you in one of my previous analyses:
What now? Is the crash over? I don't think so! The halving event is in a few days, and huge volatility is expected. The problem is that below the current price, we have a double bottom pattern, and there is a lot of liquidity that whales need for their huge buy orders. It's really very likely that the market is going to go down! What's more, we have a fair value gap below the current price as well, and usually these gaps tend to be filled sooner rather than later.
It's always important to do an Elliott Wave analysis before making such statements. If we take a close look at the price action, we can see that the impulse wave 12345 was completed and we are in a corrective phase. We need to complete this ABC correction before going higher to an all-time high! Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
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It can be nasty guys, hope you are ready for what's coming!
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Bitcoin is down 6% since I posted this analysis. From 66016 to 63230. The halving crash is a real thing, soon we will see!
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Another sign of weakness is the monthly chart. The last candle is red, which is the first red candle since September 2023!
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Elliott Wave count on the higher time frame:
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Bitcoin is down 10% since my call... expecting more crash!
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Is this the countdown to the next crash?
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Bitcoin halving the price.
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BTC.D (Bitcoin Dominance) is still bullish, expecting the chart to hit max 60%! It will probably never go beyond this level.
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Bitcoin should go down to complete this bullish flag:
It is dropping really strong, some people are saying Bitcoin is headed 44.4K now and 33.3K soon... What's your take?
Merc_Josh
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@AlanSantana, We have a good support at 58k a break below that and we will head to the next support at 50k.
What's my take? well due to the halving incoming and the ETF'S there is a lot of bullish pressure therefore i dont see us falling below 58k
eluboiyan
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@Merc_Josh, If you understood why Blackrock was behind the BTC ETF, you wouldn't say this. I see BTC price below 10k by Dec 2024. Blackrock didn't push for the BTC ETF to enrich regular people like us. And, not to forget the incoming US stock market crash that will destroy all the global financial markets. So, I'm anticipating BTC around 8k by Dec 2024. I'll comment on this statement on Dec 31, 2024.
Xanrox
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@AlanSantana, Thanks for your support! I think this is too low. 52k seems to be a reasonable target.
Ether2020
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@Xanrox, I agree with you. We still have the cycles, the fact that BTC is getting more and more difficult to mine and so it will rise but corrections like this are just normal.
CaptainFlusher
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When all you so called experts claim price will go a certain way further. It usually signals the bottom or top for me. So I just do the opposite of what you guys say. Thanks for being a very good indicator.
xanrox and alan santanna both bearish? and short ideas are the top trending on trading view? that is all you need to know to consider the high possibility that we rise