A top analyst known for making well-timed crypto calls is warning that Bitcoin (BTC) may be witnessing a painful scenario.
Brandts, a pseudonymous trader, told his 254,100 followers on social media platform X that Bitcoin appears to be showing an ABC correction move on the daily chart.
Brandts practices Elliott Wave Theory. This states that bullish assets typically consolidate within an ABC correction wave after going through a five-wave uptrend.
Mr. Brandts says,
“The biggest pain for BTC is that it takes the highs out and everyone gets their FOMO (fear of missing out) back and makes them think it’s some kind of triangle breakout, then BAM and ranges back up before the real rally. is to fade back to the lower limit of .
Based on the trader's chart, he appears to be suggesting that BTC will soar to $76,000, fall to $64,000, and then rise to an all-time high of $82,000.
At the time of this writing, Bitcoin's value was $69,296, down nearly 4% in the past 24 hours.
Turning to gold, Brandts said the precious metal appears to be in the midst of a five-wave rally, which could push prices above $3,600.
“After a decade of barely outpacing inflation, gold is about to go truly parabolic.”
As of this writing, the value of gold is $2,352.
The trader is also keeping an eye on the Solana vs. Bitcoin (SOL/BTC) pair. According to the same trader, SOL/BTC probably bottomed out around 0.00246BTC ($170) after the ABC correction wave ended.
“Okay, we cleared that low and now there is an hourly bullish divergence in SOL/BTC.
I'm sure that's the minimum amount. ”
At the time of writing, SOL/BTC is worth 0.00249 BTC ($172).
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