Bitcoin’s Long-Term Correction could End in July

Bitcoin’s Long-Term Correction could End in July
фото показано с : beincrypto.com

2020-3-31 16:58

The Bitcoin price has been decreasing since reaching a high of $13,790 on June 26, 2019. When looking at the all-time Bitcoin price action, the possibility arises that this is the Y wave in an extended W-X-Y correction.

In relation to the all-time high reached in December 2017, the June 2019 high is just another higher-low, which suggests that the price is still mired in a long-term downward trend.

This possibility was outlined by cryptocurrency analyst and trader @CryptoCapo_, who tweeted a chart with what he believes is likely to be the future movement. According to Capo, the price is on the process of completing a W-X-Y correction, currently being at the final wave of the larger Y wave.

The most likely area for the end of this wave is given at $2,800-$3,100, while another possible target is between $2,000-$2,200.

$BTC – htf EW count update

The idea of a WXY correction on the bigger cycle was already here. Now, it's more likely.

Main target: $2800-3100
Secondary target: $2000-2200

Invalidation above $8000#BTC https://t.co/uoosIr7UKZ pic.twitter.com/ZlIuKnJDvE

— il Capo Of Crypto (@CryptoCapo_) March 14, 2020

Wave Count

The W-X-Y correction often transpires after the price has completed a five-wave Elliott formation. We have outlined the possible wave count to this point in the image below.

Bitcoin chart by Trading View

The main issue with this possibility is the time periods. While the entire upward move took 2,709 days to develop, we are currently in day 847 of the correction. Since the price is predicted to be in the final wave of this formation, an upward limit for the correction could last between 1,000-1,200 days. While the time periods for an upward move and correction do not have to be identical, the difference in time is quite substantial.

Even if we count one-by-one, the upwards and downwards waves in the five-wave formation, took more than 500 days to develop, compared to about 300 days in the W-X-Y correction. This raises some doubts about this possible pattern.

‘A-B-C’ vs ‘W-X-Y’

The main difference between a regular A-B-C correction and a W-X-Y is the sub-wave count. While the A-B-C formation often has a 5-3-5 or 3-3-5 wave count, every wave in the W-X-Y correction consists of three sub-waves, amounting to a 3-3-3 correction.

Since the W and Y waves often have the same length, this correction could end in July 2020.

There are three main areas that could act as the bottom and reverse the price:

$2,800-$3,100 $2,000-$2,200 $900-$1,100

Out of these three possibilities, the likeliest place for the wave to end would be $2,100. The decrease from the top of the W wave to the top of the X wave was 39.41%. It would make sense for the decrease from the bottom of the W wave to the bottom of the Y wave to be similar since the W and Y waves often have the same length.

As for the other two support areas, the $2,800 level seems to close to the current W bottom, while the $1,000 level would call for a longer-term correction and a very extended Y wave. While it is not impossible, the price would have to break down below significant support areas to reach it.

Bitcoin chart by Trading View

To conclude, the BTC price is possibly nearing the end of a W-X-Y correction that has been transpiring since the price reached an all-time high in December 2017. The likeliest place for the correction to end would be between $2000-$2200, possibly being completed in July 2020.

The post Bitcoin’s Long-Term Correction could End in July appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 98862.95 (+0.83%)
Объем 24H $100.458b
Изменеия 24h: 5.64 %, 7d: 10.39 %
Cегодня L: $94006.77 - H: $98862.95
Капитализация $1956.056b Rank 1
Цена в час новости $ 6447.54 (1433.34%)

bitcoin price correction action possibility all-time when

bitcoin price → Результатов: 126


Фото:

Post-halving 2024 market is pushing Bitcoin’s price, not just Trump, says Onramp Bitcoin co-founder

The last Bitcoin halving took place in April when the block reward dropped from 6.25 Bitcoin to 3.125 Bitcoin Jesse Myers said Bitcoin’s price needs to go higher for a “supply-demand price” balance to happen When that occurs, the market will “flywheel into mania and a bubble,” which happened in the 2012, 2016, and 2020 […] The post Post-halving 2024 market is pushing Bitcoin’s price, not just Trump, says Onramp Bitcoin co-founder appeared first on CoinJournal.

2024-11-13 17:39


Here’s What To Expect From The Bitcoin Price In November After Breaking Above $70,000

The Bitcoin price is back above $70,000 for the first time in four months, with the ‘Uptober’ rally eventually happening as the month ends. This looks to be the start of significant price rallies for the flagship crypto as the market heads into November, which is also historically bullish. What To Expect From The Bitcoin […]

2024-10-30 19:30


Фото:

Bitcoin’s bullish momentum seeking ‘euphoric’ market shift – Glassnode

Bitcoin (BTC) is showing the first signs of positive price momentum since June, as it attempts to convincingly break the $69,000 price zone and shift to a “euphoric bull market.” According to Glassnode’s latest “Week Onchain Newsletter,” the recent rally has seen Bitcoin’s spot price break through key technical and on-chain price levels, pushing many […] The post Bitcoin’s bullish momentum seeking ‘euphoric’ market shift – Glassnode appeared first on CryptoSlate.

2024-10-24 00:38


Bitcoin Cup And Handle Cascade: Analyst Says BTC Price Could Reach $230,000 If It Follows This Structural Path

A crypto analyst has projected a significant break to the upside for Bitcoin, drawing parallels to similar breakouts in traditional assets in the tune of the Gold and the S&P500. According to a technical analysis of the current price action, Bitcoin is playing out a cup and handle pattern, which could send it surging to bullish price targets above $230,000.

2024-10-22 22:30


Bitcoin Price To $95,000? Here’s What Needs To Happen First

The Bitcoin price has now broken above the $68,000 mark amid a run of a 12% price increase in the past seven days. However, analysis says the Bitcoin price will not stop this surge anytime soon. According to a detailed analysis posted on TradingView, a well-known crypto analyst has shared insights suggesting that Bitcoin is on track to climb even higher to reach an ambitious target of $95,000, but USDT.

2024-10-18 13:00


Bitcoin Poised For Minimum 60% Rally As 3 Critical Signs Align

Henrik Zeberg, a macroeconomist known for his expertise in business cycles, has pinpointed an upcoming rally of at least 60% for the Bitcoin price in his latest technical analysis. The seasoned analyst has identified a pattern across three critical technical indicators that have historically signaled major upward price movements when all aligned.

2024-10-18 11:30