[REQ_ERR: 404] [KTrafficClient] Something is wrong. Enable debug mode to see the reason. Bitcoin will drop to 25k - livesstrip.com

Bitcoin will drop to 25k

One of the reasons for ETH’s price resiliency might be because its trading volume is starting to go higher than BTC on most days, giving it increased liquidity.

“In the last couple of days ETH and BTC have both been declining at similar percentage rates,” said John Willock, CEO of crypto custody provider Tritum. “But ETH overall has fared and recovered most of its lost value much better after the last couple of weekends of market volatility.”

Based on the latest available data from CoinGecko, ETH volumes were at $43 million on Monday while $37 million BTC changed hands on major spot trading venues.

Bitcoin and ether volumes on major exchanges the past month.Source: CoinGecko

Over the past month, ether trading volumes have been higher than bitcoin’s for 12 total days. Over the past week, ETH volumes have been higher than BTC for four days. This is a trend analysts will be watching closely because higher volumes can affect prices when they skew towards either buys or sells.

“ETH is quickly becoming recognized as an exciting asset as a standalone,” Willock said.

Bitcoin Elliot Wave Analysis

What! $100K?” I hear you say. “You must be crazy!It will go to zero.” Well, I have been called worse, and no, it will not go to zero, in my opinion. Why? Over the past several weeks to months, I shared Bitcoin (BTC) would see “a more immediate downside setup to ~$25K … to complete the enormous 4th wave it is carving out before it is ready to rally to $100K+ for its next more significant 5th wave.” And last week, I concluded, “… look for a multi-day bounce back to ~$34+/-1K soon, with the lower end preferred, followed by a final stab lower to ~$24+/-1K.

BTC bottomed at $25.8K and is now trading at around $30.0K. Thus, it is time to pull out the shorter-term Elliott Wave Principle (EWP) chart to assess better where exactly BTC is. Such daily detail helps keep my premium crypto trading members mainly on the right side because “the devil is in the details,” as they say. So what is good for them will undoubtedly help you too. See Figure 1 below.

Figure 1. Bitcoin daily chart with detailed EWP count and technical indicators.

The c-wave is wrapping up its last 4th and 5th waves.

Last week it was “… time to start looking for that wave-iv bounce to ~$34+/-1K, which should be a multi-day event.” Figure 1 shows that (green) wave-4 is underway and should ideally subdivide into a last more minor (grey) minute-c wave to the ideal target zone of around $33K+/1K. Based on the more recent available price data, I have adjusted this target zone slightly lower.

Those who follow me regularly should know that because of the EWP, we know waves four and five come after the third wave. Thus, wave-3 is complete, and wave-4 is now underway. When it also completes, BTC should do one last stab lower for wave-5 to ideally ~$23+/-1K.

Leave a Reply

Your email address will not be published.