As a seasoned crypto investor with a knack for recognizing market patterns and a portfolio that has weathered multiple bull and bear cycles, I find myself intrigued by the current state of Bitcoin. The insights shared by traders like Bluntz, Van de Poppe, Captain Faibik, and Blockstream CEO Adam Beck provide an interesting perspective on the future trajectory of Bitcoin.
As a crypto investor myself, I’ve been closely watching the market trends, and it seems that Bitcoin, according to the anonymous trader known as “bubblechaser” Bluntz, has likely hit its bottom and is now ready for an upward surge.
On August 15th, a well-known trader on platform X stated that Bitcoin (BTC) had likely finished an ABC correction and was expected to reach approximately $68,000 in value. This trader is renowned for accurately predicting the bottom of the 2018 Bitcoin market.
So far, the Bitcoin price has shown a descending pattern consisting of three waves, which I believe indicates a higher bottom. It might be a good time to invest in your preferred cryptocurrencies now.
— Bluntz (@Bluntz_Capital) August 15, 2024
An ABC correction is a fundamental concept in Elliott Wave theory, which is used to analyze market cycles and predict future price movements. The correction consists of three waves; wave A, which initiates the correction and moves and moves against the prevailing trend.
In simpler terms, after making an adjustment (wave B), the market often revisits a portion of the initial movement (first wave) but moves along with the overall trend’s direction. Then, the correction (wave C) typically goes even further than the initial movement (wave A).
The correction could help market watchers identify potential reversal points and continuation points.
It’s worth noting that a fellow crypto trader, Michaël van de Poppe, has expressed an opinion that the price of Bitcoin might fall to around $48,000 should its current support level at $56,000 fail to hold.
On a typical Thursday night, Bitcoin is undergoing a moderate price adjustment. Currently, it’s holding an important support level after dropping around $56,000. We can expect to see either further declines towards the previous level of $48,000 or a retest of that price point.
— Michaël van de Poppe (@CryptoMichNL) August 16, 2024
Besides pointing out the massive crypto market capitalization surpassing $2 trillion, Van de Poppe noted a minimal growth of only 0.8% over the past day, implying that the market might still be undergoing corrections.
According to the analyst, it’s plausible that the market might experience further declines over the next week or two, followed by an increase.
The total #crypto market capitalization has still seen the low of this correction.
Expecting 1-2 weeks of pain before we’re going to be surging back upwards.
— Michaël van de Poppe (@CryptoMichNL) August 17, 2024
Other experts also hold similar views. Captain Faibik, another anonymous trader, proposes that Bitcoin could potentially reach $100,000 once it emerges from its current crucial stage. This analyst suggests that the digital currency has been compressing within a widening descending wedge pattern since early 2024.
In an effort to stay informed and keep pace with the latest developments, I recently had the opportunity to hear Blockstream CEO Adam Beck’s insights, as shared with Anna Tutova from Coinstelegram. His perspective is that we are currently in the early stages of a prolonged bull market for Bitcoin.
As a researcher delving into the world of cryptocurrencies, I’ve come across an intriguing prediction by a seasoned Bitcoin expert: The value of Bitcoin could conceivably surge over 700% from its current standing, given two primary factors. These factors include the length of time investors hold onto their coins and the success of Bitcoin-integrated spot exchange-traded funds (ETFs).
Currently, as I’m typing this, Bitcoin was hovering slightly above its previous level of around $60,000, experiencing a modest increase of approximately 0.1% over the past day.
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2024-08-17 22:44