The Best Time to Buy Bitcoin May Be Now, Analyst R.N. Elliot Says
- WBOYOriginal
- 2024-08-26 18:31:18944browse
Trying to time the Bitcoin bottom as the perfect time to buy is a pursuit for many cryptocurrency traders. As a result, crypto analysts have
Crypto analyst R.N. Elliot sounds the alarm for what he believes is the best time to buy Bitcoin.
According to the analyst, a “Double Zigzag” pattern has formed for Bitcoin. This pattern includes two zigzags that are expected to play out in a similar manner. The first pattern has already played out, leading to Bitcoin's all-time high of over $73,000.
The analyst believes that the second zigzag pattern is currently unfolding following a crash from $70,000 to below $50,000. If this analysis is correct, it suggests that the Bitcoin price is poised to recover from its current level.
This recovery could propel the BTC price to over $74,000, setting a new all-time high for the leading cryptocurrency. Such a surge would also have a market-wide impact, potentially triggering another bull run for altcoins.
The analyst's analysis utilizes the popular Elliot Wave tool to determine the optimal time to begin purchasing Bitcoin. This tool employs a series of waves to predict periods of bullish and bearish momentum, indicating when the price is likely to rise or fall. Applying this tool, the crypto analyst aims to identify the conclusion of the bearish trend.
Based on the crypto analyst's predictions, now is the time to begin purchasing Bitcoin as the zigzag pattern is still unfolding. Delving into the Elliot Wave theory, the crypto analyst asserts that Bitcoin is currently within the third wave. This wave, however, is not a solitary entity; it is predicted to comprise five subwaves.
As this wave progresses, Elliot anticipates the formation of an “Expanding Diagonal” pattern. According to the analyst, this pattern typically emerges in a volatile market. However, as the formation continues, he maintains that the price will rise.
The targets for the Bitcoin price rally are set at $84,331.6 for a short wave and $106,219.6 for a longer wave. Attaining either of these price points would mark a new peak for the pioneer cryptocurrency.
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