Elliott's Theory Reveals Bitcoin's Position in the Current Cycle – Is the Market Rally Over?
Digital analyst Tolimanu used Elliott Wave Theory to analyze Bitcoin's movement and determine its position in the current market cycle. According to his analysis, Bitcoin may have completed the fifth upward wave, indicating a potential start of a downward correction. Tolimanu believes that signs of technical weakness and reaching historical resistance levels support this scenario.
He adds that there is a chance of forming a corrective wave according to the classic ABC model, with possibilities of the price retreating towards support levels around $52,000. Nevertheless, some analysts still believe that the market has not yet finished its upward wave, citing rising institutional demand and increasing global interest in Bitcoin.
The most important question remains: Are we really at the end of the upward cycle or are there surprises to come?
Investors are invited to monitor the indicators closely and make informed decisions.
