With Bitcoin and Ethereum trading in the green, the global cryptocurrency market appears to be modestly increasing, sitting at $2.63 trillion. The market is attempting to retrace back after a week of profit taking and trading in the negative.
Bitcoin is continuing to recover, and it is currently trading at $59,299, up 0.8 percent. Ethereum, the second most valuable cryptocurrency, fell below $4000 for the first time in over a month, however it is currently trading at $4,356 and has gained 0.7 percent in the last 24 hours.
Bitcoin to decline more?
Bitcoin will see a prolonged decline, according to a famous crypto strategist and trader, as altcoins prepare for a massive price rebound.Credible, a pseudonymous trader, informs his 266,400 Twitter followers that Bitcoin is in the midst of a wave 4 downturn and might take one of two courses before resuming its bull cycle’s final great climb.
The trader uses Elliott Wave theory, a technical analysis approach that forecasts future price action by studying crowd psychology, which manifests itself in waves. Bitcoin’s fourth wave — the penultimate corrective move before BTC’s final major leg up – might take the shape of a massive symmetrical triangle, according to Credible.
“19 months later, and here we are. It really doesn’t matter what type of structure this Wave 4 forms. The purpose is the same: re-accumulation before the 5th and final wave of this bullish cycle.”
According to Credible’s chart, Bitcoin’s corrective phase might go until 2022, bringing the price down to about $35,000.Another trend, according to the trader, is for Bitcoin to sink to roughly $40,000 by next year before beginning its final wave.
Credible crypto estimates that Ethereum needs recoup $4,770 as compared to the US dollar. A rejection around current prices, on the other hand, might trigger a sell-off, driving the value of ETH below $4,000.
According to him, we are experiencing some relief at the moment, but once we hit $4,400 ETH, we will see more relief. Now is the moment to exercise caution. He’s also made some gains in this area. If we clear the zone, we should be fine to go to a new ATH (all-time high), but if we reject, we may see a dip back to the mid-$3,000 range or even below.