{"id":402248,"date":"2019-10-24T18:00:12","date_gmt":"2019-10-24T18:00:12","guid":{"rendered":"https:\/\/uniquehot.com\/?p=402248"},"modified":"2024-06-11T13:31:27","modified_gmt":"2024-06-11T13:31:27","slug":"1000-btc-finding-bitcoins-bottom-could-be-as-easy-as-abc","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/1000-btc-finding-bitcoins-bottom-could-be-as-easy-as-abc\/","title":{"rendered":"$1000 BTC: Finding Bitcoin\u2019s Bottom Could Be As Easy As ABC"},"content":{"rendered":"

After failing to set a new all-time high, crypto investors are unsure if Bitcoin<\/a>\u2019s bear market has ended and the bottom is actually in.<\/span><\/p>\n

If the bottom isn\u2019t in, the entire 2019 parabolic rally could have been the B wave in a corrective ABC pattern, and the final C wave could take Bitcoin price<\/a> to as low as $1,000 per BTC.<\/span><\/p>\n

Was Bitcoin\u2019s Recent Bottom and Top Waves A & B In An ABC Correction?<\/span><\/h2>\n
In December 2018, Bitcoin<\/a> set what most believe to be the bear market bottom at $3,100 per BTC. A powerful bounce from that level gave bulls the confidence to push the price of the crypto asset back to above $10,000, but failed to revisit the previous all-time high it set back at the height of the crypto hype bubble.<\/span><\/p>\n
A descending triangle formed that eventually broke down, and now Bitcoin price is trading at nearly 50% less than it was just 3 months ago. The speed and force at which Bitcoin has dropped, and a number of bearish signals have made even the most bullish crypto analysts consider that the bottom may not be in, and new lows may be set.<\/span><\/p>\n
Related Reading | Bitcoin Price En Route to Descending Triangle Target of $5,000<\/a><\/strong><\/em><\/p>\n
According to a crypto analyst who uses Elliott Wave Theory<\/a>, Bitcoin\u2019s \u201cbottom\u201d in December 2018 may have been the first stop in an ABC corrective pattern, and the top of the 2019 rally served as the B wave.<\/span><\/p>\n
In ABC corrective patterns, the C wave is always lower than both A and B waves, suggesting that if Bitcoin is indeed in an ABC corrective wave, and has already completed both A and B, that C would set a new, lower low, and the final, true bear market bottom before returning to the previous bull trend.<\/span><\/p>\n
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I've been aiming for $4300 since June but always kept this possibility in the back of my mind.<\/p>\n
Should be an interesting path forward to see just how low Btc goes. <\/p>\n
(Still open to the idea we bottomed if proper structure forms) pic.twitter.com\/8CVnzDRPHK<\/a><\/p>\n
— A Voice of Reason in a Sea of Insanity (@sometrader78) October 24, 2019<\/a><\/p><\/blockquote>\n