{"id":576383,"date":"2024-02-22T19:30:50","date_gmt":"2024-02-22T19:30:50","guid":{"rendered":"https:\/\/wncen.com\/?p=576383"},"modified":"2024-06-11T08:02:29","modified_gmt":"2024-06-11T08:02:29","slug":"elliot-wave-theory-bitcoin-top","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/elliot-wave-theory-bitcoin-top\/","title":{"rendered":"Elliot Wave Theory Predicts Bitcoin Bottom And Top, Here Are The Targets"},"content":{"rendered":"

Bitcoin looks to be stuck in a consolidation zone<\/a> 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<\/a> might be headed next.<\/p>\n

Elliot Wave Points To Correction To $31,800<\/h2>\n

In the analysis shared<\/a> by Alan Santana on TradingView, the Elliot Wave theory could point out the direction that the Bitcoin price<\/a> 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.<\/p>\n

Related Reading: Billionaire Tim Draper Bullish On Bitcoin As It Will Surpass Traditional Currencies, Here\u2019s Why<\/a><\/div>\n

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\u2019s Law of Alternation, and applying it to this scenario, the fourth wave is bearish, but would not go as low as the second wave.<\/p>\n

\"Bitcoin<\/p>\n

Source: TradingView.com<\/a><\/pre>\n
Once this fourth wave moves into action, the Bitcoin price<\/a> 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.<\/p>\n
\u201cThis 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,\u201d Santana said. He further added that: \u201cJust 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.\u201d<\/p>\n
Bitcoin Top At $138,000<\/h2>\n
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.<\/p>\n
Related Reading: Bitcoin Holds Above $50,000 Despite Nasty Drop, Crypto Expert Says Local Top Not In<\/a><\/div>\n
So far, the local top of this third wave looks to be $52,985, where Bitcoin peaked earlier this week<\/a>. 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.<\/p>\n
As for when this peak will roll around, Santana explains that the whole thing could play out by 2025<\/a>, which is when the peak would take place. \u201cSo 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,\u201d the analyst stated.<\/p>\n
\"Bitcoin<\/p>\n
BTC price at $51,700 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Investopedia, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
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. Related Reading: Billionaire Tim Draper Bullish On Bitcoin As It Will Surpass Traditional Currencies, Here\u2019s Why 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\u2019s 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. \u201cThis 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,\u201d Santana said. He further added that: \u201cJust 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.\u201d 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. Related Reading: Bitcoin Holds Above $50,000 Despite Nasty Drop, Crypto Expert Says Local Top Not In 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. \u201cSo 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,\u201d the analyst stated. BTC price at $51,700 | Source: BTCUSD on Tradingview.com Featured image from Investopedia, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":576387,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[167,428,656,679,6848,1119,89185,1122,17066,1144,78790,6664,26263,14690],"class_list":["post-576383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-prediction","tag-btc","tag-btc-news","tag-btc-price","tag-btc-price-prediction","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nElliot Wave Theory Predicts Bitcoin Bottom And Top, Here Are The Targets<\/title>\n<meta name=\"description\" content=\"Bitcoin 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Elliot Wave Theory Predicts Bitcoin Bottom And Top, Here Are The Targets","url":"http:\/\/wncen.com\/news\/elliot-wave-theory-bitcoin-top\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/elliot-wave-theory-bitcoin-top\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/Bitcoin_7a57e8.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/Bitcoin_7a57e8.jpeg?fit=1500%2C1000"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","bitcoin","bitcoin news","bitcoin price","bitcoin price prediction","btc","btc news","btc price","btc price prediction","btcusd","btcusdt","crypto","crypto analyst","crypto news"],"dateCreated":"2024-02-22T19:30:50Z","datePublished":"2024-02-22T19:30:50Z","dateModified":"2024-06-11T08:02:29Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Elliot Wave Theory Predicts Bitcoin Bottom And Top, Here Are The Targets\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/elliot-wave-theory-bitcoin-top\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/elliot-wave-theory-bitcoin-top\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Bitcoin_7a57e8.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Bitcoin_7a57e8.jpeg?fit=1500%2C1000\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"bitcoin price prediction\",\"btc\",\"btc news\",\"btc price\",\"btc price prediction\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2024-02-22T19:30:50Z\",\"datePublished\":\"2024-02-22T19:30:50Z\",\"dateModified\":\"2024-06-11T08:02:29Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/Bitcoin_7a57e8.jpeg?fit=1500%2C1000","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/576383"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=576383"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/576383\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/576387"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=576383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=576383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=576383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}