Bitcoin has undergone a strong drop since the weekly highs of $15,975. The price of the leading cryptocurrency is $14,800 as of this article’s writing, $1,200 shy of the highs but $500 above the daily lows. In the past 24 hours, Bitcoin is down 5%.
Analysts have become fearful that this is the start of a deeper retracement after a 50% rally in 30 days. One trader went as far as to say that the cryptocurrency has reached a year-to-date high.
A historically accurate analyst, though, says that $17,000 is imminent for the leading cryptocurrency.
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Bitcoin Could Soon Hit $17,000: Historically Accurate Analyst
Bitcoin’s strong correction lower comes after a parabolic rally of 50% in the span of thirty days.
Analysts say that this correction is just part of a medium-term uptrend. The same trader that predicted Bitcoin would bottom at $3,200 in 2018’s bull market recently stated that Elliot Wave analysis indicates that $17,000 is imminent. Referencing the chart below, he stated:
“i cant help but feel, looking at the daily that 5 up from the lows at 10k is not yet complete and this dip is still just a wave 4.”
Elliot Wave is a form of analysis that suggests markets move in predictable wave-like patterns due to investor psychology. Applied to Bitcoin’s eight-hour chart, Elliot Wave indicates that consolidation between $15,000 and $16,000 will take place for the next two