Many crypto traders try to predict the best time to buy Bitcoin, hoping to catch it at its lowest point. One analyst, R.N. Elliot, believes he’s found that perfect time.
The “Double Zigzag” Pattern
Elliot uses a technical analysis tool called the “Elliot Wave” to predict Bitcoin’s price movements. He’s identified a “Double Zigzag” pattern, which basically means Bitcoin’s price is likely to follow a specific up-and-down pattern.
He believes the first part of the pattern is already complete, with Bitcoin reaching its all-time high of over $73,000. The second part of the pattern is likely playing out now, following the recent drop from $70,000 to below $50,000.
According to Elliot, this means Bitcoin is poised for a rebound. He predicts a price surge that could push Bitcoin above $74,000, setting a new all-time high. This could also trigger a broader bull run for other cryptocurrencies.
The Elliot Wave Theory
Elliot believes Bitcoin is currently in the third wave of a five-wave pattern, which he expects to be followed by an “Expanding Diagonal” pattern. This pattern usually appears in volatile markets, and Elliot believes it will drive the price of Bitcoin up.
He sets two potential price targets:
- Short wave: $84,331.6
- Long wave: $106,219.6
Both of these targets would represent new all-time highs for Bitcoin.
The Bottom Line
Elliot believes that now is the best time to buy Bitcoin, as the “Double Zigzag” pattern is still unfolding. He’s confident that the price will rise, potentially reaching new highs.
Of course, this is just one analyst’s opinion. It’s important to do your own research and consider all the risks before making any investment decisions.
