Bitcoin, and the crypto market that caters to its every impulse, has struggled lately. And by lately, I mean for a while now. Though, we might be nearing a bottom, according to some Bitcoin analysis… Covered: Bitcoin’s Macro-based Struggles Impulse Waves And Bitcoin Bitcoin’s Macro-based Struggles Are we bear or bull? Ugh. What a loaded […] The post There Is One Big Blow-Off Top Left For Bitcoin, Says Analyst appeared first on CryptosRus.

There Is One Big Blow-Off Top Left For Bitcoin, Says Analyst

Bitcoin, and the crypto market that caters to its every impulse, has struggled lately. And by lately, I mean for a while now. Though, we might be nearing a bottom, according to some Bitcoin analysis…

Covered:

  • Bitcoin’s Macro-based Struggles
  • Impulse Waves And Bitcoin

Bitcoin’s Macro-based Struggles

Are we bear or bull? Ugh. What a loaded question.

It’s hard not to consider what we are seeing as a bear market, considering the bearish trend we are in. Prices are down. A lot. And, it’s hard to reconcile that with all the myriad bullish things going on right now like corporate adoption from Google, Spotify, and Twitter.

Considering that last point, it’s not unfair to say we are still in a bull phase. After all, Bitcoin, and the crypto market, have been in step with equities so far this year. It stands to reason, the interest rate unease and WWIII fears are the sort of things that send prices down, but don’t necessarily signal a bear phase — both could go away, fingers crossed.

However, one analyst doesn’t recommend thinking about the market in those terms.

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Impulse Waves And Bitcoin

“To me, the market makes a lot more sense when you look it as a series of impulses and corrections, rather than bull vs. bear,” said TechDev, a popular crypto analyst.

TechDev is referring to the Elliot Wave Theory. The theory asserts that price movements follow up-and-down patterns that are influenced by investor psychology. They can be either be impulse or corrective waves.

In a chart provided to CryptosRus, TechDev shows that this latest Bitcoin correction is falling in line. “As I see it, 2019 began a new larger 5-wave impulse (which itself is inside a larger impulse), where so far we have seen 2 sub-impulses and 2 sub-corrections (still in 2nd one),” TechDev said.

“Declining volume, RSI patterns/levels, and on-chain data such as Dormancy Flow and STH/LTH behavior are just a few of the metrics which confirm this for me,” he added.

It’s an interesting theory, especially considering Bitcoin hit several new all-time highs in 2021. How are all-time highs a part of a correction?

If you look at TechDev’s chart above, you’ll note that the correction following the first impulse saw the price get back close to its all-time highs again before eventually moving onto the next phase.

The current correction features new all-time highs, but none of them were large enough to be considered the next leg of the impulse.

“In my view, Bitcoin has not had an impulsive top since early 2021, and has been in a correction ever since. I believe at least one impulse remains before an even larger correction sets in.” He adds that, “Running Flat (if 33K was the low), Expanded Flat (if we set a new low below 28K), or Running Triangle are the three structural options I see to complete wave 4.”

In other words, there is a good chance we could see more ugliness in the markets before we reach the next impulse. Though, as the chart shows that the next impulse could see Bitcoin heading toward $160,000.

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For more TechDev, make sure to check out his newsletter. Also, follow him on Twitter for the latest, greatest technical analysis.

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The post There Is One Big Blow-Off Top Left For Bitcoin, Says Analyst appeared first on CryptosRus.