In his partly advertising post on the Seeking Alpha website, Brian Fletcher, gold & precious metals, hedge fund manager, research analyst, long/short equity, – states that Bitcoin just heating up before taking off to the absolute highs. Its graph obeys the Elliott waves.
Elliott Wave Theory is very popular in technical analysis. And often has confirmation in the practice of trading. Ralph Elliott identified eight waves that are constantly repeating, of which five are trending and three are against the trend. Based on this theory, Brian Fletcher notes that Bitcoin should now grow to $ 10 K, then drop to $ 7 K. And then it will begin to move to absolute highs in the region of $ 70K.
The analyst estimates the Bitcoin chart like this:
– …blue wave 4 is complete as of late 2018, and BTC has now commenced in earnest its move to the $70,000 region. The c-wave portion of the initial w-wave is a diagonal structure, suggestive that it will produce a reasonably high wave 4 up to the $10,000 region before providing the final 5th wave down to $6,900.
The current position of Bitcoin does not reject and does not confirm the forecast. Still, the Elliott waves are based on Fibonacci numbers, which can be traced in many processes with mass participation. Financial markets are also massive processes.
