home” diary » Top crypto trader says Bitcoin collapse is imminent and updates outlook for BTC
Bitcoin continues to be the subject of intense scrutiny and analysis.
BTC is believed to be in the C-wave of wave 5, part of an ending diagonal pattern, according to Elliott Wave Theory. This pattern is typically a harbinger of a significant price move. As it stands, as long as bitcoin price stays below the 29,780 level, the current wave count will remain valid. If the price breaches this level, a reassessment of the wave number and market expectations would be required.
The market is eyeing a potential target of around 28.3k for Bitcoin. This number is based on Fibonacci extensions, a tool popular with traders to identify potential support and resistance levels. It is important to note that each further drop in price brings bitcoin closer to the completion of this correction. With each new low, the likelihood of this correction coming to an end increases.
The third wave of the C-wave has already lived up to expectations, hitting the 1.618 extension at 28,790. This is a significant milestone as the third wave is often the largest and most powerful wave in Elliott Wave theory.
Top trader warns of possible collapse
Renowned cryptocurrency analyst Crypto Tony, recently shared He gets his insights into the current Bitcoin (BTC) market situation via his Twitter handle @CryptoTony__. He provided an update on his stance on Bitcoin’s potential future moves against the US Dollar (USD).
Crypto Tony stated, “I remain with my current stance and will not enter any short positions unless we lose $29,000 and stay below that level. Right now we are floating above and collapse seems imminent to me.”
A “breakdown” refers to a situation where the price of a cryptocurrency falls below a certain support level and continues to decline.
This statement suggests that Crypto Tony is closely watching the $29,000 mark for Bitcoin. He notes that unless the bitcoin price falls below this critical threshold and stays there, he will not consider a short position. Bitcoin is currently hovering above this level, which it believes indicates a potential downside in the near future.
Crypto Tony’s comments reflect a cautious approach and underscore the importance of $29,000 as a key support point for Bitcoin. A break of this level could signal a downtrend that could result in a potential short selling opportunity. However, as long as Bitcoin maintains its position above this level, the analyst seems to suggest that it is not the right time to enter a short position.
It is worth noting that Crypto Tony’s analysis is based on current market conditions, which are subject to change. As with any investment, prospective investors should do their own research and consider multiple viewpoints before making decisions.
Noted cryptocurrency analyst Rekt Capital recently shared his take on the current Bitcoin (BTC) market dynamics on Twitter. In his tweet, he pointed out that Bitcoin is currently in what he calls “candle 3,” with “candle 4” and “candle 1” to come suggests $29.2K as the closest support level.
Another crypto enthusiast, CryptoAM17, also shared his point of view on the situation. He tweeted an update on his plans regarding Bitcoin’s price action.
He stated, “As long as #btc is below 29.2k, I think there will be more downside. 1st TP (Take Profit) 28.8k, 2nd TP 28.2k.”
This statement suggests that CryptoAM17 is closely watching the $29.2k mark for Bitcoin. He believes that if bitcoin stays below this level, there is a possibility of another price drop. He has also set his take profit levels at $28.8k and $28.2k, indicating the price points at which he wants to sell his bitcoin holdings to make a profit.
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