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trying to determine the time Bitcoin Bottom As the ideal time to buy is a goal sought by many crypto traders, crypto analysts have used various indicators in their quest to predict the best time to buy Bitcoin. This quest has not diminished even as Bitcoin’s price hit an all-time high earlier this year, with crypto analyst RN Elliot sounding the alarm on what he believes is the best time to buy Bitcoin. Leading cryptocurrency.
The right time to buy bitcoin
Analyst chart points To the “double zigzag” pattern that Bitcoin has formed. As the name suggests, it involves two different zigzags, and both are likely to develop in the same way. Since the first pattern has already completed, the cryptocurrency analyst puts it with Bitcoin’s all-time high above $73,000.
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Since the analyst believes that the second zigzag pattern could form in the same way, it is likely that it has already been executed after Collapse from $70k to less than $50kIf this analysis is correct, it could mean that Bitcoin price is ready to recover from here.
From here, Bitcoin Refund A Bitcoin price surge above $74,000 could mean a new record high for the leading cryptocurrency. Moreover, such a surge would impact the entire market, leading to another potential bull run for altcoins alike.
Using Elliott Wave to Time a Bottom
Elliott’s analysis focuses on the common. Elliott Wave Tool As a way to predict the best time to start buying Bitcoin. This tool uses a series of waves in an attempt to predict when the price will rise and fall, indicating periods of bearish and bullish momentum. By applying this tool, the cryptocurrency analyst believes that he has been able to determine the end of the downtrend.
According to cryptocurrency analysts’ predictions, the right time to start buying Bitcoin is now as the zigzag pattern is still ongoing. As for Elliott Wave Theorythe cryptocurrency analyst explains, Bitcoin in the third waveHowever, this is not an independent wave, as it is expected to consist of five sub-waves.
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As this wave progresses, Elliott expects an “expanding diagonal” pattern to form. According to the analyst, this pattern usually occurs in an unstable market. However, as the formation continues, he believes the price will rise.
Goals for Bitcoin price The high was set at $84,331.6 for the short wave and $106,219.6 for the longer wave. Regardless of the wave length, any of these price points will guarantee a brand new high for the leading cryptocurrency.
Featured image created using Dall.E, chart from Tradingview.com
