A Bitcoin analyst identified as CoinsKid on X thinks there is still more upside momentum for Bitcoin ahead of a potential reversal. CoinsKid referenced a prediction he made last September, claiming what many thought was a bear market from 2022 was only a corrective phase of a bull market.
Blow-off top in RISK.
I did make this tweet days after the crash in September 2023 when everyone was ULTRA BEARISH.
I backed it up with data from the #dxy, #sp500 and #ethereum, that $btc was about to make a big move into all-time highs and a blow-off top before the halving 😱… pic.twitter.com/OiT9PmWOyB
— CoinsKid (@Coins_Kid) March 8, 2024
According to CoinsKid, he predicted last September that Bitcoin would rally to all-time highs (ATH) and blow-off tops before the next halving. He supported his prediction with data from the Dollar Index (DXY), S&P 500, and Ethereum. True to his prediction, Bitcoin has rallied since last September and recorded a new ATH of $69,210, according to data from TradingView.
While many users consider the current BTC rally a new trend, CoinsKid insists it is a recovery phase in an existing bull run. According to the analyst, the current rally is the third in a five-wave pattern in the BTC bull run described as an Elliot Wave. He highlighted that both BTC and S&P 500 have achieved new ATHs during this rally, noting Ethereum’s potential to do the same as an opportunity for crypto investors.
Meanwhile, CoinsKid counted his Elliot Waves pattern beginning in November 2022, arguing that it will be complete before Bitcoin rolls into a bear market that could take many by surprise. He cited a few factors that could trigger the next bear market, including Wall Of Money, Spot ETF, Super Cycle Theory, and more.
The analyst argued Bitcoin would establish a fifth wave before the current Elliot Wave pattern is complete. However, he added that a severe bear market would follow the pattern’s completion and may lead to significant losses for the flagship cryptocurrency.
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