Should the bearish scenario play out, a slide in Bitcoin’s price to somewhere between $20,000 and $30,000 is not out of the question, says analyst Crypto Savy. In his technical assessment, he lays out the patterns and levels that are set to dictate the next major move.
Bearish Scenario: Elliott Wave Signals Further Decline
Crypto Savy sees the possibility of an accelerated drop as long as the present trend holds. Drawing on Elliott Wave theory, he has put forward a five-wave structure that would see Bitcoin fall into the $20,000–$30,000 range. There is also an expanding triangle or “bullhorn” pattern at play which, in his view, supports the case for more downside. Savy cautions that a break below 77.6 would be the telltale sign of a bear market in full swing if the indicators are to be believed.
Key Levels and Alternative Bullish Outlook
Crypto Savy is not ruling out a bullish reversal, even with the main concern being the prospect of a Bitcoin price decline. He says that for such an upside to materialize, the asset would have to put in a bottom this June, though he considers that a bit early in the timeline. If it does happen, one could see new all-time highs after the correction. For now, Savy’s advice is to keep an eye on the 82.5 mark on the four-hour chart; any action at that level may well be indicative of what is to come.
This article reflects the channel author’s opinion and is not investment advice.
Every call by Crypto Savy and how it played out — in the BuyCrypt bloggers tracker.
Source — Crypto Savy: https://www.youtube.com/watch?v=RvkgHa-oZHM
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