{"id":632452,"date":"2024-07-31T15:00:20","date_gmt":"2024-07-31T15:00:20","guid":{"rendered":"https:\/\/wncen.com\/?p=632452"},"modified":"2024-07-31T09:31:50","modified_gmt":"2024-07-31T09:31:50","slug":"bitcoin-price-crash-below-40000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-crash-below-40000\/","title":{"rendered":"Elliot Wave Theory Suggests Bitcoin Price will Crash Below $40,000"},"content":{"rendered":"<p class=\"p2\">The <a href=\"https:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-elliot-wave-count\/\">Elliot Wave theory<\/a> has become very popular among Bitcoin analysts, given its effectiveness in helping to estimate where the cryptocurrency\u2019s price is headed next. Using this same theory, pseudonymous crypto analyst XForceGlobal has estimated what could happen next for <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-eyes-63000-key-indicators-signal-further-decline-time-to-sell\/\">the Bitcoin price<\/a>.<\/p>\n<h2 class=\"p2\">Elliot Wave Theory Points To A Recovery<\/h2>\n<p class=\"p2\">In the analysis <a href=\"https:\/\/www.tradingview.com\/chart\/BTCUSD\/AKQ2n1hH-Predicting-Bitcoin-s-Cycle-Using-the-Elliott-Wave-Theory-Part-2\/\" rel=\"nofollow\">posted<\/a> on TradingView, XForceGlobal used the 5-wave <a href=\"https:\/\/wncen.com\/news\/elliot-wave-theory-bitcoin-top\/\">Elliot Wave theory<\/a> to predict further upside for the Bitcoin price. The chart maps out the waves and subwaves, all of which carry various implications for the Bitcoin price.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/cardano\/institutional-investors-cardano\/\">Institutional Investors Show Interest In Cardano, Triggering 300% Surge<\/a><\/div>\n<p class=\"p2\">The crypto analyst points out that the subwaves are currently in play, ranging from 1-5. So far, subwaves 1 and 2 have finished their run, and with subwave 3, the analyst expects the price to continue to rise as this wave forms.<\/p>\n<p class=\"p2\">The Bitcoin price being caught in Wave 3 is actually good for the price from here, given that the third wave is known to be bullish. It is also a long wave, meaning that <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-pulls-back-70k\/\">its effects will last longer<\/a> than that of bearish wave 2, although shorter than Wave 1.<\/p>\n<p class=\"p2\">However, instead of just being a <a href=\"https:\/\/wncen.com\/altcoin\/bitcoin-ethereum-and-solana-on-traders-radar-whats-going-on\/\">straight shot for the Bitcoin price<\/a>, the crypto analyst warns that it could end up being an ABC wave, which is inherently bearish for price. In this case, the Bitcoin price would rise and then decline.<\/p>\n<h2 class=\"p2\">Bitcoin Targets Going Forward<\/h2>\n<p class=\"p2\">As mentioned above, the <a href=\"https:\/\/wncen.com\/news\/bitcoin-back-on-radar-to-hit-80000-then-new-ath-analyst-says\/\">Bitcoin price being caught in the subwave 3<\/a> is bullish, meaning the price could surge further from here. According to the crypto analyst\u2019s chart, a 100% move from here is possible, putting the BTC price as high as $126,000.<\/p>\n<p class=\"p2\">However, the next wave, Subwave 4, is very bearish and the analyst predicts a major crash. They put the target as low as $39,728, which is an over 60% decline from the $126,976 price target from subwave 3, which would mark the most notable drawdown in <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-analyst-predicts-super-cycle-with-a-target-of-220000-but-this-must-happen-first\/\">the Bitcoin price<\/a> since 2022.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-whales-205-million\/\">Brace For Impact: Ethereum Whales Send Over $205 Million To Coinbase<\/a><\/div>\n<p class=\"p2\">The next wave, Subwave 5, is then expected to continue the bullish narrative, triggering an over 200% rise from the lows from subwave 4. It is expected to peak at around $153,000, marking the completion of the five subwaves.<\/p>\n<p class=\"p2\">Despite the bullish scenarios mapped out, the crypto analyst warns that \u201cwhile the evidence strongly suggests that <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-open-interest-39-5-billion\/\">Bitcoin will reach higher levels<\/a> before any significant correction, it is crucial to remain adaptable as market conditions evolve.\u201d<\/p>\n<p class=\"p2\">They further added: \u201cNo theory can predict market movements with absolute certainty. By staying informed and considering multiple scenarios, investors can better navigate the complexities of the cryptocurrency market.\u201d<\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/Db4EaJhs\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1518\"><figcaption class=\"wp-caption-text\">BTC holds $65,000 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Elliot Wave theory has become very popular among Bitcoin analysts, given its effectiveness in helping to estimate where the cryptocurrency\u2019s price is headed next. Using this same theory, pseudonymous crypto analyst XForceGlobal has estimated what could happen next for the Bitcoin price. Elliot Wave Theory Points To A Recovery In the analysis posted on TradingView, XForceGlobal used the 5-wave Elliot Wave theory to predict further upside for the Bitcoin price. The chart maps out the waves and subwaves, all of which carry various implications for the Bitcoin price. Related Reading: Institutional Investors Show Interest In Cardano, Triggering 300% Surge The crypto analyst points out that the subwaves are currently in play, ranging from 1-5. So far, subwaves 1 and 2 have finished their run, and with subwave 3, the analyst expects the price to continue to rise as this wave forms. The Bitcoin price being caught in Wave 3 is actually good for the price from here, given that the third wave is known to be bullish. It is also a long wave, meaning that its effects will last longer than that of bearish wave 2, although shorter than Wave 1. However, instead of just being a straight shot for the Bitcoin price, the crypto analyst warns that it could end up being an ABC wave, which is inherently bearish for price. In this case, the Bitcoin price would rise and then decline. Bitcoin Targets Going Forward As mentioned above, the Bitcoin price being caught in the subwave 3 is bullish, meaning the price could surge further from here. According to the crypto analyst\u2019s chart, a 100% move from here is possible, putting the BTC price as high as $126,000. However, the next wave, Subwave 4, is very bearish and the analyst predicts a major crash. They put the target as low as $39,728, which is an over 60% decline from the $126,976 price target from subwave 3, which would mark the most notable drawdown in the Bitcoin price since 2022. Related Reading: Brace For Impact: Ethereum Whales Send Over $205 Million To Coinbase The next wave, Subwave 5, is then expected to continue the bullish narrative, triggering an over 200% rise from the lows from subwave 4. It is expected to peak at around $153,000, marking the completion of the five subwaves. Despite the bullish scenarios mapped out, the crypto analyst warns that \u201cwhile the evidence strongly suggests that Bitcoin will reach higher levels before any significant correction, it is crucial to remain adaptable as market conditions evolve.\u201d They further added: \u201cNo theory can predict market movements with absolute certainty. By staying informed and considering multiple scenarios, investors can better navigate the complexities of the cryptocurrency market.\u201d Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":632478,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-632452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>Elliot Wave Theory Suggests Bitcoin Price will Crash Below $40,000<\/title>\n<meta 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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. 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. 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 Suggests Bitcoin Price will Crash Below $40,000","url":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-crash-below-40000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-crash-below-40000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/Bitcoin-crash-3.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/Bitcoin-crash-3.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","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","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto analyst","crypto news"],"dateCreated":"2024-07-31T15:00:20Z","datePublished":"2024-07-31T15:00:20Z","dateModified":"2024-07-31T15:00:20Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Elliot Wave Theory Suggests Bitcoin Price will Crash Below $40,000\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-price-crash-below-40000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-price-crash-below-40000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Bitcoin-crash-3.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Bitcoin-crash-3.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"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\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2024-07-31T15:00:20Z\",\"datePublished\":\"2024-07-31T15:00:20Z\",\"dateModified\":\"2024-07-31T15:00:20Z\"}<\/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\/07\/Bitcoin-crash-3.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/632452"}],"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=632452"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/632452\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/632478"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=632452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=632452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=632452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}