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bitcoin elliot wave theory crypto
Nexo Logo

Crypto Analyst Highlights Last Ever Bitcoin Dip Using Elliott Wave Theory

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news
Reading Time: 2 mins read
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Bitcoin price is trading just below the key level of $10,000, and a decisive break of resistance could kickstart the next crypto bull market.

Any dips at this point in Bitcoin are likely meant for buying, and according to one prominent crypto analyst who has made a number of accurate calls, expects at least one more drop if Bitcoin continues to follow what the analyst says is an ABCDE correction.

Crypto Analyst Expects One More Crash In Bitcoin, Could It Be the Last Dip Ever?

If and when Bitcoin price breaks through $10,000 for the umpteenth time, it could be the last time the cryptocurrency ever trades below five-digits ever again.

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Although that time looks to be soon, one prominent crypto analyst expects one final dip in Bitcoin, which could be investors’ last chance to ever purchase BTC at four-digit prices.

Related Reading | Massive Bitcoin Miner Capitulation Could Act As Launchpad For Bull Market 

Todd Butterfield is the owner of the Wyckoff Stock Market Institute founded by financial market legend Richard D. Wyckoff in 1931.

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Butterfield has made a number of successful calls throughout the recent bear market, and if his latest prediction is true, crypto investors will get that chance to buy BTC lower once again.

 

$BTC Daily roadmap I have been showing…. pic.twitter.com/Agext3GBTF

— Todd Butterfield (@WyckoffOnCrypto) May 7, 2020

Is BTC In An ABCDE Correction According To Elliott Wave Theory?

According to the analyst and his practicing Elliott Wave Theory on Bitcoin price charts, the asset is currently between wave 3 and wave 4 of a 5-wave impulse move.

Wave 5 is often the strongest and moves in the primary count direction. In this case, the primary count is up.

Within each wave count, exist sub-waves. Like other waves, they can be impulsive or corrective. Butterfield’s chart depicts what he expects to be an ABCDE correction, which is a five-wave correction that takes place within a triangle.

Related Reading | All Bitcoin Fundamentals Scream “Buy” Says Prominent Market Researcher 

Unlike ABC corrections, where C is typically lower than A, in ABCDE corrections the C and final E wave are higher than A.

bitcoin crypto btc elliot wave theory

The price action of an ABCDE correction usually forms a triangle, which is the dominant chart pattern Bitcoin price is trading within across high timeframes.

Butterfield is expecting a fall to roughly $5,600 one last time, which would indicate that a nearly 40% drop is coming before the final wave up.

That last dip, however, will be the very best buying opportunity remaining, and the last chance to buy the leading cryptocurrency by market cap at low prices before the final triangle breakout and resulting bull market begins.

Bitcoin price targets recently revealed by a macro economist suggest that a breakout of the triangle could result in prices of $1 million per BTC.

Featured image from Pixabay
Tags: bitcoinbtcusdcryptoelliot wave theorytodd butterfield
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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