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Home»BLOCKCHAIN NEWS»Analyst says there is no downside to Bitcoin chart.
BLOCKCHAIN NEWS

Analyst says there is no downside to Bitcoin chart.

By Crypto FlexsJanuary 13, 20242 Mins Read
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Analyst says there is no downside to Bitcoin chart.
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YouTube cryptocurrency analyst More Crypto Online highlights that the current five-wave trend on the Bitcoin charts could open the door to an even bigger trend.

In a January 12 video, the analyst suggested that if small support breaks on the Bitcoin (BTC) daily chart, the market could expect a fourth wave and trigger a larger fifth wave, assuming the market doesn’t fall below $35,000.

If so, the next 4 waves will be significantly larger than the previous month’s 4 waves, producing a bullish result.

More Crypto Online suggests there is nothing bearish on the charts unless the market breaks $20,000.

“I would view any selloff as a gift,” the analyst said. “I’m having a hard time seeing Bitcoin fall to that level anyway. I am watching the wave 4 scenario for the first time. Once five waves are completed, the market should expect a sharp decline.”

Looking at the hourly chart, the rally after the September 11th low was completed on January 11th, allowing a major high to form. However, the analyst confirmed that this cannot be confirmed until the market sees a sustained decline below $42,550.

The analyst notes a few red candles on the daily chart, but this is not surprising as highlighting selling is common in cryptocurrencies and does not signal a larger downtrend.

More Crypto Online also predicts something will change, predicting that the ETH/BTC chart bottomed last week. More Crypto Online suggests that market changes triggering altcoin season could result in funds flowing from BTC to Ethereum (ETH) and many other altcoins.

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