Will China's Fierce Pressure Lead to a Drop in Bitcoin Price? (translated from elliottwave com)

July 2: "Bitcoin [is] at the end or near the end of the [Elliott Wave] retracement"

In early September, Bitcoinreached a price level of about $ 52,000,however, the price has dropped since then. Indeed, only on September 24, the price of the cryptocurrency fell by 5%. The financial press pointed to the alleged "reason": "Bitcoin and Ether are falling as China intensifies its crackdown on cryptocurrencies." China's crackdown on cryptocurrencies seems like the logical "reason" for Bitcoin's 5% drop, but take a look at the next headline from the same financial site: "China's War on Bitcoin Just Reached With Its Most Recent Cryptocurrency Suppression." You might say, "Okay, it's pretty much the same as the first heading, what's the point?"

The point is that this second heading waspublished on July 7 - just two weeks before bitcoin bottomed out around $ 29,000 and then rallied to that price around $ 52,000 in early September. In other words, China's tough measures against cryptocurrencies are nothing new, and bitcoin prices both rose and fell during the crackdown. Rather than relying on headlines, Elliott Wave International chief cryptanalyst Tony Carrion uses the Elliott Wave Model to predict cryptocurrencies. Here is what he said in our Global Market Perspective on July 2: “We prefer to think of the price action after the December 2018 low as growth sub-waves [significant Elliott wave]. Bitcoin [is] at the end or near the end of the [Elliott Wave] retracement. " In other words, Tony was expecting a rebound in the price of bitcoin, even though most investors were bearish.

This is the beauty of the Elliott Wave Model - itanticipates price reversals regardless of news or prevailing sentiment. You may have heard of a recent University of Chicago poll that said more than 1 in 10 people in the US traded cryptocurrencies in the past year. Yeah, a lot of people. Undoubtedly, many of them are influenced by cryptocurrency headlines and predictions, which range from wildly bullish (at least one headline said Bitcoin was approaching $ 500,000) to extremely bearish (more than one forecaster has stated that Bitcoin is moving towards zero). If you are one of the many cryptocurrency traders you owe it to yourself, get the objectivity of the Elliott Wave Analysis.

translation from here

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