Bitcoin is currently trading in the green, just like all the important coins in the crypto space.
The most important digital asset is now priced at $6,295.82. Analysts are hoping to see Bitcoin bouncing back following the massive price drop from the past year.
Bitcoin has been definitely showing signs of recovery, a crypto trader, and Elliott Wave technical analyst believes that BTC is “not out of the woods,” as cited by the online publication the Daily Hodl.
BTC to revisit the 2018 bottom?
Benjamin Blues told his followers on Twitter that BTC will likely revisit its 2018 bottom of $3,200.
“[I] haven’t done a $BTC update in a while but structurally this rise looks corrective, I think this was an ABC and we continue lower here.”
— ⚔️SNX to 40 dollah Bluntz⚔️ (@SmartContracter) March 20, 2020
The trader analyzes Bitcoin’s price action using the Elliot Wave Theory, according to the same online publication.
The advanced technical analysis technique “relies on identifying recurring wave patterns that exhibit the repetitive behavior of market participants. Based on Elliot Wave principles, an ABC corrective in a bear market is a temporary rally,” writes the Daily Hodl.
After the pattern is complete, the crypto will likely resume its downtrend.
It’s also important to note the fact that Benjamin Blunts used his expertise in Elliott Wave analysis and he was able to accurately predict the Bitcoin bottom in 2018.
Feeback following this tweet
Not everyone agrees with him regarding the bearish sentiment. Naeem Aslam, chief market analyst at AvaTrade, says Bitcoin is gathering bullish steam.
“When it comes to bitcoin, the crypto king is on fire, and we have seen a decent rally.” He said that it’s important that BTC surged above $6,000.
Someone else commented: “It is difficult to make any estimations for the near future, but I hope that the growth will continue until the end of the month!”
Another follower said: “These guys struggle with getting the day trade right, let alone the future projection of extreme wealth.”
One other person posted this: “Came with the same coclusion.. bids are stacked at 5500, 5150, 4700 and all the way down to 1800 (in case somebody capitulates).”