Bitcoin Forum

Bitcoin is in the final stages of Wave 5 Elliott. Gradually the price divergence and indicators will be completed. After the completion of Wave 5, the correction will start. Bitcoin range is still declining.
But given the popularity of digital currency, and especially bitcoin, I hope the price correction will not be profound and when the bitcoin is reformed, the coins will double until the bit returns.

We are now very close to $50K, It is confirmed that we will fill the 50K target very soon. It is possible that 50K will become a very strong resistance cause if you look at the current Moving Average histogram (SMA indicator) it gives us a market overbought signal. Daily RSI also stayed above 60 for a couple of weeks, It gives a correction signal now. SMA,RSI,MACD all stock indicators are giving a correction signal, But I strongly don't expect any correction movement before 50K, and I don't know the future, I just can speculate and let you know about my perspective.

What Elliott Wave? One of the Musk's tweets or news about Bitcoin adoption from a big corporation and the wave is gone.

I think that the crypto markets are driven by speculations and news, not by candles and waves.

I think this is the nth time of prediction about the correction that I've seen. Analysis do help to decide whether you're wanting to sell or to buy if you see signs that are favoring your decision. But it's also proven that it's hard to predict whichever strategy of analysis we do.
On top of this, it's best to have yourself prepare, take your profits if you can or keep holding to avoid unnecessary actions that you may regret.

This is the OP's opinion last December 25,


Hmm,

(1) didn't see the price going down tot $20k, on the contrary we went and surpasses and set another all time high

(2) totally contradicting himself, he says that 2-3 months we will see an upward trend, and now his saying that correction will start

Well, I don't think we are in the final stage, not yet. Elliott wave, a technical method theory of guessing the bitcoin price, sounds like a form of a pyramid, that after a bull run there is a massive pullback of the price like what happened in the year 2017, it short, -- an ATH was ended.
I don't believe in this theory, bitcoin will grow more because there are too many institutional investors now who investing in bitcoin for the long term and adopting bitcoin as payment, one of the best examples is the Tesla company. Do you think there is a pullback?

Bitcoin or shall we say the entire crypto market can really fucked up those technical analysis out there although we cant say that it isnt helpful but basing off your decisions
relying with those indicators wont really be precisely to happen.So this one will be varying with someones decision if they would sell now basing into those analysis
it isnt bad as long gains would be counted as gains and if you do decide to hold then its to someones choice to do so.
I dont just believe about those final stages of this current bullish run and as long we do see adoption news then this will continue for sure.

Oh yes, the famous wave theory. According to that theory and its supporters Bitcoin was supposed to correct to 1k USD in the bear market of 2018 -19.
If TA was that simple, every single trader would make money on the market. They'd just have to find the indicator that BTC follows and stick with it. In other words, if Eliott waves would be the perfect indicator, you'd not see people do harmonics or anything else, just waves.

What factors make you believe that there will be a correction for Bitcoin price at this time, because no one can predict the movement of Bitcoin price, so I don't believe that in the near future there will be a correction for Bitcoin price, because Bitcoin has received support from Tesla (Tesla buys $1.5B in Bitcoin and accepts payment using Bitcoin), so I believe for now it is difficult for the price of Bitcoin go down (correction), because the opportunity for now is the price of Bitcoin will continue to increase.

That is overlooking, we never see it was in a huge decline to be able to say that we are going to bearish season. We are not done yet.
I've found out that many people are now praying for the market to dump...they are in waiting for it to buy back again and after that, they will pray again for the price to pump.
Bitcoin becomes more valuable now and that seems impossible to get back at a lower price. What we have to do now is to accept the changes.

No, Bitcoin is not in final stage, the bitcoin price is now reaching 50K dollars and recently tesla company bought 1.5 Billion bitcoin. So, that the bitcoin price graph will not go down.

I doubt it is in its final stages. Bitcoin is not yet legally recognized internationally and that means not everyone or every country is knowledgeable about it. Its true that there are great influencers talking about it but those kind of things are not enough because it needs to be recognized by the government. Governments should start studying and try to implement regulations regarding it and how people can utilize it into their own advantage so that they can have better understanding about it.

No one knows the future for sure, and reading price movement with only market candle stick as a reference has been proven wrong by the Bitcoin market so many times.  TA without proper FA has a huge percentage of having an error, that is why we always see Analysts always have this "if" statement because even they know that the market can go either way.  Final stage.. I don't think so, the hype is still strong, and we have seen a correction in between surges already to prepare for another push of the market.

Bitcoin is close to reaching a high of 50k yesterday. I'm sure more traces of history will be displayed. Inside a small correction today, after that, it will pass. In my opinion, it not only hit the next high of $ 50k but also hit the next high as well( Probably $ 55k in this trend).

Well, if the Bitcoin market is about to repeat itself like in 2017, the run is far from over.  In 2017, Bitcoin reached its peak in Dec, we are currently at the 1st quarter of the year, so there are still 3 more quarters ahead of higher lows and higher high for the Bitcoin market fluctuation.  In this view, $55k is not far from happening.

Not necessarily that the reading of the price movement has proven wrong, but this is because no one really knows when would be the price will up or down. There are also some predictions that goes correct but still there are also a lot of predictions gone wrong. The hype of bitcoin is still there and we all know that this is already a part of the correction on what are happening to the price of bitcoin. The next peak or the next trend that will break will be $60,000 and I believe it will continue as the hype on bitcoin continue also.

Did you do your own research or randomly read an article about it? If it is the latter one, don't forget about FUDs the media tries to spread. If its the former one, then yeah might be true (unless you are trying to spread FUDs). But I have a strong feeling that a correction is about to hit bitcoin soon. We have seen the price going up and up, with slight dips that recovered quickly. I would be actually glad if the correction happens as soon as possible. After all, all its going to do is create a healthy market.

I know some people are never going to agree with this, same way they were saying that it wouldn’t in 2017/2018 and it still happened. The truth is that none of us knows where it’s headed actually and it can be to any direction.

Yes, we have been seeing an increase all these weeks or months now and it is looking everything will continue that way, a lot of people out of greed will never agree that there is a season for everything in this market. So it’s best to be playing it safe, always consider the risks that you’re taking in the market and do whatever is going to help you avoid them.