Is Bitcoin Setting a Mega Bull Trap? Popular Crypto Trader Predicts BTC Will Sink After Hitting This Target

A broadly adopted crypto analyst is warning that Bitcoin (BTC) is on the ultimate leg of its present upward trajectory.

Making use of the Elliott Wave principle in his technical evaluation, the pseudonymous crypto dealer Good Contracter tells his 220,400 Twitter followers that Bitcoin is at the moment forming the ultimate wave in a five-wave bullish sample that began earlier this 12 months.

Underneath the Elliott Wave principle, the primary pattern of an asset’s worth strikes in a five-wave sample whereas a correction happens in a three-wave sample.

In accordance with Good Contracter, the fifth wave will catapult Bitcoin to above $26,000 leading to elevated bullish sentiment. The analyst says that Bitcoin will then fall beneath $20,000 earlier than the “actual” rally for this 12 months kicks off.

“The wave 5 on the BTC day by day [timeframe] now nicely underway.

Anticipating us to take out these $25,200 highs, in all probability seven a tad greater as much as round $26,000 – $26,500 to obliterate the final remaining bears, get everybody mega bull, then a sluggish 2 month+ dump into the $19,000s earlier than the actual 2023 bull run begins.”

Supply: Good Contracter/ Twitter

Good Contracter’s prediction contrasts with that of one other fashionable analyst who foresees Bitcoin rallying by as much as 40% if it rises above a key psychological degree.

Fellow crypto analyst Michaël van de Poppe tells his 648,100 Twitter followers that he sees Bitcoin surging above $30,000 after hitting the northern facet of $25,000.

“Corrections are comparatively short-lived in an upwards trending market.

Increased timeframe ranges get one check after which markets begin to shoot upwards, as individuals overshort the correction.

Breaking $25,000 and we’ll proceed in direction of $30,000 – $35,000 for Bitcoin.”

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