Bitcoin’s price has gone up a lot lately, but that doesn’t mean it will keep going up forever. Prices in markets always go up and down in cycles. I think Bitcoin might drop by 14% to around $44,000 in the next few weeks.
Why do I think this?
Well, the price is now lower than the pattern it was following before, which shows it might be getting weaker.
Also, based on a way of analyzing patterns called Elliott Wave analysis, it seems like we’ve finished one phase of price movement and might be heading for a correction.
Bitcoin often bounces back when it reaches certain levels that are based on a maths concept called the Fibonacci sequence. I think the lowest point of this drop might be at a level based on Fibonacci numbers called 0.618 FIB.
If the trading range breaks down, it’s a good opportunity to make money by betting that the price will fall.
Image credit: tradingview.com
Bitcoin might seem a bit dull right now. It’s suggested to hold off until the rectangular pattern is completed. Instead, consider investing your margin in other coins like JASMY.
Image credit: tradingview.com
I’d appreciate your thoughts on my analysis, and if you find it helpful, please consider following for more ideas. With a solid coach, trading can be simplified.
Thank you, and here’s to successful trades ahead.
