Elliot Wave Theory Suggests Bitcoin Price will Crash Below $40,000

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,300,508,892,160	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,300,508,892,160

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-102.04	-0.15%	66,068.07	66,069.23	66,075.10

Price Change

Price Change %

Current Price

Bid Price

Offer

-102.04

-0.15%

66,068.07

66,069.23

66,075.10

High Price	Low Price	Open Price	Prev. Close	52 Week Range
66,837.40	65,467.02	66,124.23	66,170.11	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

66,837.40

65,467.02

66,124.23

66,170.11

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	20:22:08	0.052743	66,058.20	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

20:22:08

0.052743

66,058.20

USD

Price x Volume	Volume	Base Symbol	Related Pairs
510,065,611.45	7,694.31	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

510,065,611.45

7,694.31

Elliot Wave Theory Suggests Bitcoin Price will Crash Below $40,000

31/07/2024 4:00pm

NEWSBTC

The Elliot Wave theory has become very popular among Bitcoin analysts, given its effectiveness in helping to estimate where the cryptocurrency’s price is headed next. Using this same theory, pseudonymous crypto analyst XForceGlobal has estimated what could happen next for the Bitcoin price. Elliot Wave Theory Points To A Recovery In the analysis posted on TradingView, XForceGlobal used the 5-wave Elliot Wave theory to predict further upside for the Bitcoin price. The chart maps out the waves and subwaves, all of which carry various implications for the Bitcoin price. Related Reading: Institutional Investors Show Interest In Cardano, Triggering 300% Surge The crypto analyst points out that the subwaves are currently in play, ranging from 1-5. So far, subwaves 1 and 2 have finished their run, and with subwave 3, the analyst expects the price to continue to rise as this wave forms. The Bitcoin price being caught in Wave 3 is actually good for the price from here, given that the third wave is known to be bullish. It is also a long wave, meaning that its effects will last longer than that of bearish wave 2, although shorter than Wave 1. However, instead of just being a straight shot for the Bitcoin price, the crypto analyst warns that it could end up being an ABC wave, which is inherently bearish for price. In this case, the Bitcoin price would rise and then decline. Bitcoin Targets Going Forward As mentioned above, the Bitcoin price being caught in the subwave 3 is bullish, meaning the price could surge further from here. According to the crypto analyst’s chart, a 100% move from here is possible, putting the BTC price as high as $126,000. However, the next wave, Subwave 4, is very bearish and the analyst predicts a major crash. They put the target as low as $39,728, which is an over 60% decline from the $126,976 price target from subwave 3, which would mark the most notable drawdown in the Bitcoin price since 2022. Related Reading: Brace For Impact: Ethereum Whales Send Over $205 Million To Coinbase The next wave, Subwave 5, is then expected to continue the bullish narrative, triggering an over 200% rise from the lows from subwave 4. It is expected to peak at around $153,000, marking the completion of the five subwaves. Despite the bullish scenarios mapped out, the crypto analyst warns that “while the evidence strongly suggests that Bitcoin will reach higher levels before any significant correction, it is crucial to remain adaptable as market conditions evolve.” They further added: “No theory can predict market movements with absolute certainty. By staying informed and considering multiple scenarios, investors can better navigate the complexities of the cryptocurrency market.” Featured image created with Dall.E, chart from Tradingview.com

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