Bitcoin Approaches Mid-July Highs
Bitcoin has experienced a surge in strength over the weekend and is now nearing mid-July highs after gaining around 10% in the past week. As of 5:45 am EST today, BTC was trading at approximately $30,500, marking a more than 2% increase within 24 hours. Although Bitcoin has been on a rally since October 11, there are indications that this upward momentum may be slowing down with the latest high.
Elliott Wave Analysis Suggests Potential Downward Movement
An analysis of Bitcoin’s price movement using the Elliott wave theory reveals that the recent high is likely the second leg of a corrective wave that began with the July highs. According to this theory, the price will eventually break down from these highs and move towards a point just below the fourth impulse leg that led to those highs. This particular leg began on June 15 at $24,800. The first corrective leg saw the price drop from the July high of $31,800 to $24,900 on September 11 before reversing to its current level.
Based on Elliott wave theory, it is highly probable that there will be a slow but significant drop in Bitcoin’s price below $24,800.
Analyst Support for Downturn
Analyst Matthew Hyland predicts that if the current rally does indeed come to an end, Bitcoin will find support levels at around $29,000. Additionally, Bitcoin faces resistance levels that could hinder its further upward push. With no major macroeconomic news expected today, it is likely that there will be a consolidation phase before the drop occurs in the coming days.
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Hot Take: Potential Correction Ahead for Bitcoin
Bitcoin’s recent rally may be losing steam as it approaches mid-July highs. Elliott wave analysis suggests that a downward movement is likely in the near future, with a potential drop below $24,800. Analysts also predict resistance levels and foresee a consolidation phase before a possible downturn. However, there are alternative opportunities such as BTCMTX’s tokenized cloud mining system that offer investors full control over BTC mining without the risks of third-party fraud. The Bitcoin Minetrix presale has seen significant interest from investors, further highlighting the potential in this alternative approach.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.