Traders who hit the bottom of the 2018 Bitcoin bear market believe that the recent correction puts BTC in a position to hit new all-time highs.
Top analyst Brandts told his 255,000 followers on social media platform X that Bitcoin appears to have bottomed out after completing an ABC correction wave on the four-hour chart.
This trader uses Elliott Wave Theory. This states that bullish assets often rise again after a three-part ABC correction.
Mr. Brandts says,
“We got the sweeps. I think that sucks. Bitcoin.”
Looking at the trader’s chart, he seems to be suggesting that BTC will rise to a new high of $82,228.
At the time of writing, BTC is worth $63,535.
The trader is also keeping an eye on the meme coin Dogwifat (WIF). The analyst says WIF may have bottomed out locally around $1.80, but notes that further price action is needed to support his analysis.
“The price hit $1.80 and quickly rose to $0.618. [Fibonacci level] upon Whiff. There has been a promising reaction so far and we hope this is a low, but for confirmation we will wait for an impulsive rise of 5 waves in a short time frame, i.e. 30 minutes to an hour . ”
As of this writing, WIF is worth $2.38.
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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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