The last few days have been unquestionably bullish for Bitcoin.
The flagship cryptocurrency has grown by over 20%, starting at around $ 7,700 to $ 9,450 within 48 hours.
Since then, Bitcoin has been consolidating about $ 8,800 between $ 8,500 support and $ 9,000 resistance.
According to one analyst, Bitcoin consolidation will be followed by a downward foot. However, he emphasized that cryptocurrency remains in an uptrend that is likely to push the currency up to $ 10,000 before halving.
“Bitcoin made 5 waves down at the lower timeframes, ABC back up and rejecting almost exactly 0.618 (fib retreat rate) and I think we will now have another foot down to the lower $ 8k range. This will be an opportunity to buy the bottom in a strong uptrend. “
Although many people view Elliott’s waves skeptically, this analyst has made some accurate predictions. In mid-2018, when Bitcoin was in a bear market, the trader predicted that the asset would reach a low of $ 3,200.
“I predict the bottom at exactly $ 3,200, possibly $ 200 up or down.”
In mid-December of the same year, BTC dropped from $ 6,000 to $ 3,150 and established a macro bottom there.
The analyst also predicted short-term movements in the last few months. It successfully predicts strong movements early this year, as well as falls in mid-February.