A crypto strategist known for achieving the “Master Trader” rank on digital asset exchange Bybit believes Bitcoin (BTC) is on the cusp of a new bull market.
In a new video, pseudonymous analyst Brandts tells his 288,200 followers on social media platform He said the rate of decline has become shallower.
According to Brandts, Bitcoin appears to be forming a series of 1-2 Elliott wave structures, indicating that BTC is preparing for an explosive rally.
“If we see this second wave, [they’re] It's getting shallower and shallower as it gears up for a huge third wave-like upward breakout, but that's what I expect.
You can see that it makes sense that this second wave of ABC is getting shallower and shallower. the first one [at $52,000] The second time it reached 0.768 Fib (Fibonacci level). [at $59,600] We barely made it to 0.50 Fib and now we're seeing the third Fib. [at $65,300] only reaches 0.382 Fib.
That's a sign that the market is strong. ”
Analysts practice Elliott Wave Theory. Elliott Wave Theory is a technical analysis approach that attempts to predict future price movements according to crowd psychology, which tends to manifest as waves. According to this theory, bullish assets often witness five waves of spikes. In this case, the second wave is a correction period and the third wave represents the strongest upward movement.
Brantz predicts that as long as Bitcoin remains above $65,300, BTC will stabilize below $68,000 for some time before a strong third wave rally begins.
At the time of this writing, Bitcoin is trading at $66,979.
Never miss a beat – Subscribe to get email alerts delivered straight to your inbox
Check price action
follow me ×Facebook and Telegram
Surf the Daily Hoddle Mix
 
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 you are responsible for any losses you may incur. 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.
Generated image: DALLE3
