The recent rise in Bitcoin prices is causing excitement among investors, who are comparing it to the second quarter of 2019, when Bitcoin rose from $3,000 to $13,000 in just four months, repeating its two-year bullish trend. Bitcoin is currently up 50% from its low point, leading to growing anticipation of a similar bubble.
A successful crypto strategist who accurately predicted Bitcoin’s rise in 2018 believes the reigning cryptocurrency is still on a bull run. He backs this up with the use of Elliott wave theory, a complex technical analysis tool for predicting price action based on the psychology of wave crowds.
According to the theory, there will be five rises in asset prices, and the five-wave rise on the expert’s chart will top out at $28,000. The current value of Bitcoin is $23,165.
The expert also has a positive outlook on Ethereum (ETH), the leading smart contract protocol. He believes that ETH will break out of a symmetrical triangle pattern and reach $1,900. The Ethereum price is $1,583 right now.
got it as w4 from 3rd party extended is underway whether or not it’s finished or less to go is the million dollar question not sure though pic.twitter.com/3VrpXjDe95
—Bluntz (@SmartContracter) January 30, 2023
To summarize the analyst perspective on the asset class, both BTC and ETH are in an accumulation phase and a rally is evident. This means that an “echo bubble,” which is a market rally that occurs too soon after a previous bubble burst, is not necessarily a bad thing. Investors can benefit from echo bubbles, which also boosts market confidence after a big crash. However, it is important to do your own research and only invest what you can afford to lose.
This post Bitcoin 2018 Forecast Expert Predicts Epic Rally & Reveals Price Target!
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