2018 Bitcoin Bottom Breakout Analyst Expects Bitcoin to Climb Past $32,000 — But There’s a Catch
Bitcoin (BTC) bear market bottom trader of 2018 says the cryptocurrency king is poised to take out new highs this year.
In a new video, the analyst with the pseudonym Plantz Tells With his 224,500 followers on social platform X, BTC is likely to see more corrective moves before it regains its bullish momentum.
Plantz uses Elliott wave theory in his analysis, which is a technical analysis approach that attempts to predict future price movement by following the psychology of crowds, which tend to appear in waves. According to the theory, the 5-wave rally usually follows an ABC pattern where the asset gives up some of its gains before starting a new move to the upside.
According to the cryptocurrency strategist, BTC has already completed a five waves move to the upside from around $16,000 to $32,000 and is now in the midst of an ABC correction that is likely to see bitcoin price drop all the way to the $23,000 price level.
The analyst says that BTC is currently in the early stages of wave C, where he expects Bitcoin to go through a five-wave correction on the way to its bearish target.
Once the ABC correction ends, Plantz says he expects BTC to resume its bullish trend.
“Once we see this last 5th wave and all of its subsections within this last 5th wave complete, I think that is the point (where) we start to establish and find a low and then move to new highs and take these levels out above the $32,000 level.
There is still a little time left. It will probably take another month or so to unfold.
At the time of writing, Bitcoin is worth $25,763.
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