June 14, 2024

Bitcoin When the correction ends.

In the last update at the end of June, based on the structure of the movement, the following conclusion was made:

The climax ended with the 5th passing after the triangle in wave 4,this means the formation of an impulse from 3132 has ended (or near the end), which confirms the scenario with a movement above 20,000.

Bitcoin When the correction ends.

A forecast was made for the near future:

The growth has either ended, or we will still see a slight upward movement, after which we should expect a fairly serious correction, at the moment this is the classic range of 4 of the previous dimension 9212-6587.

As you can see, last week the rate confidently entered the specified range and is now in it. At the moment it is impossible to say whether it is overwave (2), however, the bottom is very likely somewhere nearby.In the near future, you need to monitor the development of the short-term wave structure and wait for confirmation (upward impulse) and other technical indicators. (closed section).

More confident growth of altcoins is also predicted:strengthening them to bitcoin.

Once again, it should be noted thatsentiment. At the top (around 14,000), the mood was extremely optimistic, probably even those who called the cryptocurrency a pyramid rushed to buy. Nowadays, a predominantly “negative news background” prevails, many are talking about5000-4000 and below.

Last week, Bitcoin lost overnightalmost 20 percent of its value. Analysts know why this happened. It turns out that the launch of the Bakkt platform, designed for trading Bitcoin futures, is to blame. It is noteworthy that a couple of weeks ago it was Bakkt that was considered the main trigger for the start of a new stage of BTC growth.

So the same event gives the result in different directions, and even in hindsight. However, this happens far from the first time.

More details: ELLIOTWAVE.ORG