{"id":419917,"date":"2020-04-04T02:03:23","date_gmt":"2020-04-04T02:03:23","guid":{"rendered":"https:\/\/uniquehot.com\/?p=419917"},"modified":"2024-06-11T13:47:08","modified_gmt":"2024-06-11T13:47:08","slug":"analyst-who-called-bitcoin-3000-2018-bottom-thinks-this-next","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/analyst-who-called-bitcoin-3000-2018-bottom-thinks-this-next\/","title":{"rendered":"Analyst Who Called Bitcoin’s $3,000 2018 Bottom Thinks This Is Next"},"content":{"rendered":"

Over the past three weeks, since Bitcoin<\/a> hit $3,800 in a capitulation event, the cryptocurrency market has mounted an extremely strong recovery. In fact, just the other day, the cryptocurrency shot some 10% higher within a few hours’ time, rallying from $6,600 to $7,200 in a strong upward swing that liquidated dozens of millions worth of short positions.<\/p>\n

Related Reading:\u00a0Crypto Tidbits: Bitcoin Holds $6,000s, Federal Reserve To Do \u201cQE Infinity,\u201d U.S. Digital Dollar Proposed<\/a><\/h6>\n

The price action has convinced many that a bottom is decisively in for the digital asset market, especially considering that the macro trends continue to favor Bitcoin. But, according to an eerily accurate trader, this is unlikely the case.<\/p>\n

Is the Bitcoin Bottom In?<\/strong><\/h2>\n

The past few weeks have undoubtedly been positive for Bitcoin; the cryptocurrency has established a series of higher lows and higher highs, showing the hallmarks signs of a forming uptrend.<\/p>\n

But, according to crypto trader Smart Contracter, when looking at Bitcoin’s chart through the perspective of Elliot Wave analysis, it still seems somewhat bearish. He shared<\/a> on April 3rd:<\/p>\n

“[T]heres [sic] so many different ways you could count BTC here: either wxy, larger triangle, larger flat, I’m not too sure, the one thing that does stick out is the series of 3 wave moves and lack of 5 wave motives. [F]or this reason, I think its still too early to call a bottom.”<\/p><\/blockquote>\n

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theres so many different ways you could count btc here.<\/p>\n

either wxy, larger triangle, larger flat, im not too sure, the one thing that does stick out is the series of 3 wave moves and lack of 5 wave motives.<\/p>\n

for this reason i think its still too early to call a bottom pic.twitter.com\/WNBxJEcOdF<\/a><\/p>\n

— Bluntz (@Bluntz_Capital) April 3, 2020<\/a><\/p><\/blockquote>\n