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Bitcoin Bleeda: 730K Investors Exit Despite Record $7B Inflows
3 days ago
Crypto Breaking
Crypto Breaking
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Bitcoin looks to be stuck in a consolidation zone between $50,000 and $52,000, with neither the bulls nor the bears succeeding in completely taking control of the trend. This performance has sparked a number of speculations on whether the BTC price has finally found a local top. One of those who have speculated on the price direction is crypto analyst Alan Santana, who has used the Elliot Wave Theory to predict where the price of the cryptocurrency might be headed next. Elliot Wave Points To Correction To $31,800 In the analysis shared by Alan Santana on TradingView, the Elliot Wave theory could point out the direction that the Bitcoin price could be headed next. The theory, which consists of five waves, has so far completed three waves, with the fourth wave expected to happen soon. Given that the third wave is very bullish and the price has risen so fast, the fourth wave is expected to be more bearish. As Santana explains, this fourth wave points toward an upcoming correction. They also reveal that their analysis included Elliot’s Law of Alternation, and applying it to this scenario, the fourth wave is bearish, but would not go as low as the second wave. Source: TradingView.com Once this fourth wave moves into action, the Bitcoin price is expected to see a sharp correction. At the low end of this correction, though, is the $31,800 level, the analyst believes. So, in this scenario, there will be a return to the $20,000s before Bitcoin resumes its next leg up. “This wave four of a higher degree cannot enter the territory of wave two, which puts the lowest price possible for the upcoming correction at $31,805 based on Elliot Wave Theory,” Santana said. He further added that: “Just as wave three would lead to a correction (wave four), wave four invariable leads to another impulse; the final and fifth wave of the higher degree.” Bitcoin Top At $138,000 Not only does the Elliot Wave theory points toward a possible bottom, it also gives an idea for where the Bitcoin top might lie in the fifth wave. The crypto analyst uses one of the two Wave Principle methods to forecast this price, which takes into account the peak of the third wave and then uses that to give the peak of the fifth wave. So far, the local top of this third wave looks to be $52,985, where Bitcoin peaked earlier this week. Since the Wave Principle says that the peak of Wave 5 would be three times higher than that of Wave 3, the analyst multiples $59,985 by 3, which gives a cycle top of $138,714. As for when this peak will roll around, Santana explains that the whole thing could play out by 2025, which is when the peak would take place. “So the potential for the final impulse or fifth wave based on the Elliot Wave Theory system, amounts to $138,714. This can happen sometime in 2025,” the analyst stated. BTC price at $51,700 | Source: BTCUSD on Tradingview.com Featured image from Investopedia, chart from Tradingview.com Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk. Source: NewsBTC.com The post Elliot Wave Theory Predicts Bitcoin Bottom And Top, Here Are The Targets appeared first on Crypto Breaking News.

3 days ago
MianVerse
MianVerse
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Price Action Analysis reveals Distribution Phase is going ON. Selling of #Bitcoin by Big Whales after a significant bullish rally is termed the distribution phase and it marks the end of a bull run. After the end of the distribution phase, the crypto downtrend starts. The Game Behind Distribution? During a bullish trend, when Crypto Whales have sold most of their assets, they push the market to the distribution phase where the news is still positive and they sell the remaining portion of holding during up moves. As the price reaches the upper boundary of the price range, selling pressure is increased which drags the price toward the lower boundary. Here, they again wait for positive news to drive the price up during which they offload. When they have offloaded most of their holding, selling pressure is increased beyond a certain level which dumps the market through the bearish trend. 3 Sure Signs of the Distribution Phase:     Range bound price movement; The first sign of distribution is the price going into a sideways range bound after sufficient bullish rally. Volume; Greater volume on bearish candlesticks. Despite that, the price is unable to break the lower boundary of the price range. Candlestick Wicks penetrate the Upper Boundary of the Price range but close below the upper boundary. The Case BTC: #BTC price action has clear signs of the distribution phase. After a significant bull run (from 16k to 53k), the price has moved inside a narrow range in the last few days. Although Bitcoin price has tried to move outside this range but the selling pressure drags down. This is displayed in $BTC price chart in the form of Candlestick wicks outside this price range. Another strong sign is the test of buying pressure according to Richard Wykoff. This sign has also occurred in the BTCUSDT chart. Why it is not Mid-Cycle Accumulation: Because the buying volume is far lower. If it were an accumulation, high buying side volume should have been there on the chart. End Note: Bitcoin price has appreciated more than 2 times since the start of this Bull Run. At this stage, the euphoria of the bullish ride can override your rational thinking. The BTCUSD price chart reflects the end of the Bull Run. Trimming long-side Bitcoin positions seems a more realistic approach. Happy trading! #BTCUSDTAnalysis #dyor #Write2Earn

3 days ago
CryptoPotato
CryptoPotato
Crypto Breaking
Crypto Breaking
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The Bitcoin price has had a rocky start to the new week after losing its footing above $52,000 on Tuesday. However, all hope is not lost, as indicators still point to a continuation of this trend. Crypto analyst Tony The Bull has identified an important trend in the Bitcoin chart which could trigger a continuation of the trend back above $52,000. Bitcoin 1-Week Fisher Transform At Crucial Point In an analysis posted on X (formerly Twitter), the crypto analyst shared a chart that showed the Bitcoin Fisher Transform in comparison to price. Most importantly, the chart showed the 1-week Fisher Transform and how it has moved since 2017. The analysis shows some similarities between the current trend and the trends seen in 2017. A similar trend was also seen in 2019 and 2021, where the Fisher Transform rose rapidly before falling. But the importance of this trend lies in where the Fisher Transform heads next from here. The current important level is the 1.5 Standard Deviation, which has been a crucial point whenever this trend has occurred. Now, if the Fisher Transform is able to stay above this level, it is bullish for the price. However if it falls below this standard deviation, it is very bearish for the price. Source: Tony The Bull on X “This is a pivotal area based on historical price action and its exhibiting 2017-like behavior not seen in 2019 or 2021,” the crypto analyst explains. “Below it tends to incite bearish trends, while holding above gives bulls extra vigor.” BTC price at $51,100 | Source: BTCUSD on Tradingview.com Bears And Bulls Vie For Control Over BTC Price The interest in the next direction of the Bitcoin price has seen bulls and bears lock horns over which camp will reclaim control of BTC. This has seen the price of the digital asset fluctuate wildly over the last few days, going from $53,000 to below $51,000, before bouncing back up once again in the early hours of Wednesday. This tug-of-war continues to hold the price of Bitcoin down, but investor sentiment seems to be climbing even through this. According to the Bitcoin Fear & Greed Index, investor sentiment has reached Extreme Greed for the first time in one year. Historically, the index going into extreme greed has signaled the top of the market, with prices trending downward not too long after. However, Bitcoin is still seeing positive indicators, with its trading volume rising more than 40% in the last 24 hours alone. Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk. Source: NewsBTC.com The post Bitcoin Fisher Transform Reaches Critical Level Not Seen Since 2021, What This Means appeared first on Crypto Breaking News.

4 days ago

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