Bitcoin Plunge a Prelude to $100,000 High, Predicts Crypto Analyst

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In the tempestuous world of cryptocurrency, Bitcoin, the reigning king, took a significant hit over the past week with a 13% drop. Its value plummeted south of the tantalizing $60,000 mark, a staggering 20% dip from its record-setting zenith. But not everyone is heading for the hills. A determined analyst of noted cryptocurrency exchange, X, remains unyieldingly bullish faced with this storm.

Drawing on a broader perspective of weekly movements, this intrepid trader stays buoyant, predicting the digital currency will ultimately shake off its present fragility in the imminent session. A sentiment which, refreshingly, aligns with the optimistic predictions held by a significant quantity of bulls for the majority of Q4 2023, and spilling over into Q1 2024.

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It’s a fact, Bitcoin is feeling the pressure. Under a cascading avalanche of liquidation, the digital currency is locked in an uphill battle against an incoming wave of traders opting to sell. Early indicators today recorded Bitcoin breaking below the $60,000 watermark, sinking beneath its lows in April 2024. This sudden plunge has acted as a clarion call to April 13 sellers, possibly heralding the onset of a bearish trend that could see Bitcoin relinquishing footing and eroding gains secured in February and March 2024.

Yet, despite the tailspin, this dauntless analyst reaffirms Bitcoin’s longevity. Insisting its vitality will endure, provided it can reinforce the $49,000 to $52,000 support corridor, absorbing the torrent of sell-off impact. This appraisal, underpinned by the alignment of candlestick trajectories, can be a source of welcome consolation for Bitcoin investors. Panic, according to the analyst, is premature.

The trader also harks to the Elliott Wave Principle, a revered technical tool within the realm of trend analysis. According to an expert’s interpretation of this principle, Bitcoin’s present pause in momentum could simply be a brief interlude. Seen through the lens of progressively bold trading tactics, this dip towards the support corridor could serve as a valuable chance to buy on the low in eager anticipation of the emergence of Wave 5.

The analyst further elucidates the current phase, known as Wave 4. A period he predicts will mirror the timeline of Wave 2 wherein prices experienced a sudden fall post a short-lived ascent, reaching crescendo in May 2023. Wave 3 however, witnessed an encouraging rally in prices, soaring past the $30,000 floor, and hitting unprecedented all-time highs at $73,800.

Drawing on the tenets of the Elliot Wave Theory, the present price tumble from its highest-ever levels could be a preamble to Wave 4. An exciting proposition that sees the definitive upswing ending wave 5, following this transient paper loss period.

As for when Bitcoin will reach its nadir is still a matter of speculation. Present circumstances dictate traders to closely monitor twin Exponential Moving Averages (EMAs) of the 21 and 50 durations. A retest of these fluctuating levels could provide a launchpad ramping up traders to buy on a further low in anticipation of the final wave, Wave 5.

Given the opaque nature of future predictions, the analyst has stopped short of providing a forecasted target. Although, a promising extrapolation can be made if Wave 3’s dimensions align with those of Wave 5. In that case, upon cessation of the ongoing turbulent price movements, it could potentially propel Bitcoin to overshoot the coveted $100,000 mark.