Jump to content

Elliott Wave Prediction: Bitcoin BTC/USD and Ethereum ETH/USD Analysis

Recommended Posts

Elliott Wave Prediction: Bitcoin BTC/USD and Ethereum ETH/USD Analysis


In this article, we will provide an insightful analysis of the Elliott Wave prediction for Bitcoin BTC/USD and Ethereum ETH/USD. Currently, Bitcoin is experiencing a corrective pattern known as Elliott Wave ii). As it has been hovering around the 30,000 mark for nearly a month, many traders and investors are eagerly awaiting a potential dip below this crucial level.

Bitcoin BTC/USD Analysis:

Bitcoin's recent price action has shown a sideways movement, indicating a consolidation phase. According to the Elliott Wave theory, this can be interpreted as a correction within a larger bullish trend. As of now, Bitcoin is in the midst of Elliott Wave ii), a corrective pattern that suggests a temporary pause or retracement before the uptrend resumes.

Technical analysts have identified two potential targets for this corrective pattern. These targets indicate the levels at which Bitcoin could find support and potentially reverse its downward movement. Traders and investors should keep a close eye on these targets to gauge the market sentiment and make informed decisions.

Ethereum ETH/USD Analysis:

While the focus is primarily on Bitcoin, it is essential to analyze Ethereum's price action as well. Ethereum, the second-largest cryptocurrency by market capitalization, often follows Bitcoin's trends. Currently, Ethereum ETH/USD is also experiencing a consolidation phase, mirroring Bitcoin's sideways movement.

Although Ethereum's Elliott Wave pattern may slightly differ from Bitcoin's, it is crucial to consider the overall market sentiment and Bitcoin's influence on altcoins. Traders and investors should closely monitor Ethereum's price levels and potential support zones to gain insights into its future trajectory.


In conclusion, both Bitcoin and Ethereum are currently in a corrective phase, as indicated by the Elliott Wave theory. Bitcoin, in particular, is still within Elliott Wave ii), suggesting the possibility of a dip below the critical 30,000 level. However, it is important to remember that Elliott Wave predictions are based on historical patterns and are not foolproof.

Traders and investors should conduct thorough research and analysis, taking into account various factors such as market sentiment, fundamental developments, and technical indicators, to make informed decisions. By staying updated on the Elliott Wave predictions for Bitcoin BTC/USD and Ethereum ETH/USD, market participants can better navigate the cryptocurrency market and potentially identify profitable trading opportunities.

Analyst Peter Mathers TradingLounge™ 



#bitcoin #ethereum #analysis


Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • In the decentralized future, collaboration is key. Builders shaping the next wave of gaming, entertainment, finance, and community spaces require blockchain infrastructure that's scalable, cost-effective, and adaptable. They seek an ecosystem where creativity thrives, and support is abundant. This is where SAGA comes in. With its recent listing on Bitget exchange, its native token is gaining significant traction, signaling growing interest in SAGA's mission to empower Web3 builders.
    • The cryptocurrency industry has undergone substantial growth in recent years, largely fueled by centralized exchanges. However, with this growth comes a responsibility to adhere to regulatory standards. Recent revelations have cast a shadow over BingX, a prominent cryptocurrency exchange, as it has been found to be facilitating transactions for Iranian users in defiance of US sanctions. This blatant disregard for regulatory prohibitions, which are in place to combat terrorist financing and illicit arms procurement through crypto channels, raises serious ethical questions. The decision by BingX to engage with Iranian clients despite the associated risks and legal constraints has sparked concerns about the judgement of its management team. Of particular concern is the lax enforcement of Know Your Customer (KYC) verification, allowing users to withdraw significant sums without proper identity authentication. Inevitably, regulatory bodies such as the DOJ and SEC will seek explanations from BingX regarding these breaches. The repercussions of such inquiries are likely to be severe, with users already expressing alarm and initiating mass withdrawals. Beyond regulatory scrutiny, BingX's actions threaten its reputation and long-term viability. By flouting US sanctions and disregarding regulatory compliance, the exchange risks damaging its integrity and credibility. As BingX navigates this ethical quagmire, the extent of the fallout remains uncertain. What are your thoughts on the potential implications of these breaches for the exchange? Source: https://cointelegraph.com/news/bingx-exchange-iran-sanctions-evasion      
    • Current Bitcoin Price USD $67,710.6 GBP £54,355.5 Euro €63,529.5  
  • Create New...