- Bitcoin price has triggered an unprecedented levell of fear in the market according to the Fear and Greed Index.
- BTC price now shows RSI divergence between two significant levels, which confounds one more bull-run will occur.
- Invalidation of the macro bullish count is a breach at 13,880.
Bitcoin price shows a textbook-like Elliot Wave pattern on the macro count. One more bull-run into $80,000 and above is still in the cards for Bitcoin.
Bitcoin price can still rise to new heights
Bitcoin price reeks of bearish sentiment. Twitter accounts, Telegram chats and Celebrity Influencers have all come out to bash the peer-to-peer digital currency. Fellow analysts who are highly regarded for their previous successes argue with conviction of a $14,000 Bitcoin price in the near future. Is everyone right? or does Bitcoin have one more "shock the world" bullet in the chamber?
Bitcoin price has an alternative count that still remains very bullish. In fact, the technicals for this unpopular wave count suggests that now is the perfect time to begin buying Bitcoin from a dollar-cost average approach. Having a transaction filled during the true bottom of any market is something traders rarely experience in their careers.
Albeit Bitcoin provides textbook-like confluence suggesting the current mudslide, Fed’s hike induced, LUNA rug-pull to blame, downtrend is merely a shallow wave 4 in the grand scheme of things. A Fibonacci retracement tool surrounding the entirety of wave 3 (since the coronavirus lows of 2020 into all-time highs at $69,000) indicates the recently breached $22,910 level as just a 38.2% retracement. Textbook for a shallow wave 4 pattern.
BTC/USDT 1-Week Chart
Keep in mind that the Elliott Wave rule of alteration suggests waves 2 and 4 alternate in retracement percentages. Precisely what was seen during the 70% retracement into $4,435 during March 2020 that this alternative count has marked as a deep wave 2.
Another textbook-like confluence is visible on the Relative Strength Index. Notice the divergence between wave 2 and wave 4. The indicator suggests the current BTC price at $20,910 is more oversold than when the Bitcoin price traded at $4,435 in March 2020.
BTC/USDT 1-Week Chart
Last but not least, while Crypto Fear And Greed Index has printed the highest historical sentiment fear reading to date, the Bitcoin price has just retested the Elliott Wave parallel trend channel for the first time in history. When combined, the stars could be aligning in favor of the Bitcoin price to make one more bull-run. Conventional targets at $69,000 to mitigate the all-time high, price discovery projections in the $80,000 region, and FOMO-induced madness could fuel the bullish flame for a lot more.
BTC/USDT 1-Week Chart
Invalidation of the entire macro count for Bitcoin price is now 35% below current market value at $13,880. If $13,880 is breached, it's over. Everyone else was right, and Armageddon is here. Bitcoin price will see a fatal demise towards $10,000 and possibly $4,000, resulting in an 80% decline from the current BTC price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.