It was just yesterday that the world’s first cryptocurrency, Bitcoin, had reclaimed the $23,000 level, but today yet again it has dropped to the $22,000 area.
However, the flagship currency is still on a bullish trend and one of the well-known analysts who is known for his analysis of Bitcoin’s price rebound is back with his analysis.
Crypto analyst and a trader anonymously known as Capo informs his 455,600 followers on Twitter that he is bullish on Bitcoin and also says that many are not aware of what’s ahead
Capo uses a chart and explains where the King’s currency is moving towards. He says that though short-term price action looks bullish, traders should watch out.
As per the strategist, the low timeframe is on positive momentum while the High timeframe is still negative as there might be another lower high.
Capo believes that If there is a pull back on the lower timeframe, then that will be below $22,000 and the main target still remains between $15,800 to $16,200
Bitcoin Price To See One More Lower Time Frame?
The researcher ends his analysis by pointing toward five Elliot Wave indicators that started at the beginning of the year 2022. Capo predicts that we could expect one more last lower timeframe popping anytime between now and September.
So, basically, the Elliott Wave theory is a kind of technical analysis that helps to know the asset’s future price movement by keeping an eye on traders’ psychology which is shown in waves.
As per the theory, all currencies have to undergo a five-wave cycle before the asset sees a major market trend reversal.
Though Bitcoin is seeing a robust bull run in the last seven days, at the time of publication, Bitcoin has dropped by 1.14% over the last 24hrs trading at $22,906.