The Potential for a Larger Trend in Bitcoin
A YouTube cryptocurrency analyst, More Crypto Online, believes that the current five-wave trend on the Bitcoin chart could lead to an even larger trend. According to the analyst, if the micro support on the Bitcoin daily chart is broken and the market doesn’t drop below $35,000, it could trigger a wave four, followed by a larger wave five. This scenario would result in a bullish outcome.
A Positive Outlook Despite Red Candles
More Crypto Online emphasizes that there is no bearish signal on the chart unless the market breaks $20,000. The analyst views any sell-off as an opportunity and finds it unlikely for Bitcoin to drop to that level. They are monitoring for a wave four scenario and expect a sharp pullback once the five waves are complete.
Confirmation Needed for Major Top
On the hourly chart, there is speculation that the rally from the September 11 low may have ended on January 11. However, confirmation can only be obtained if the market sustains a break below $42,550.
Potential Market Shift and Altcoin Season
More Crypto Online predicts that there has been a change and suggests that the ETH/BTC chart has bottomed out in the previous week. This could lead to money flowing from Bitcoin to Ethereum and other altcoins, triggering what is known as an altcoin season.
Hot Take: A Positive Outlook for Bitcoin’s Future
In summary, More Crypto Online remains optimistic about Bitcoin’s future despite short-term fluctuations. The analyst believes that if certain levels hold and waves complete as expected, Bitcoin could experience significant upward movement. Additionally, there are indications of a potential shift in the market towards altcoins like Ethereum. While nothing is certain, these developments provide an interesting perspective on the cryptocurrency landscape.
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