Since reaching a local soil of $ 74,000 in mid -April, Bitcoin has seen a market, creating a price trend that has lasted in the past three weeks. Prime Minister Cryptocurrency in particular crossed the $ 100,000 trademark in the past week to trade to $ 104,300. Following this impressive performance, Market Analysis X platform NewdoughtCrypto has shared a technical insight into the next step from Bitcoin.
Bitcoin Macro Outlook shows the leadership of new Ath, but a market correction is waiting
In one X On 9 May, analysts from Newdoughtcrypto gave a macro and micro forecast of the Bitcoin market using the Elliott Wave Theory. In terms of the broad market front views using the daily graph, these experts declare that Bitcoin’s rise to $ 104,300 the top of the fifth wave in an impulse phase marks, hints that the market must correction. For the context, the Elliott golf theory states that prices move in two important repeating patterns, ie the impulse phase that represents the market trend and is broken in five waves (IV), and the corrective phase consisting of Wave ABC.
After completing Golf V of the impulent, Newdoughtcrypto analysts explains that Bitcoin is expected to experience a market correction, the target of which is usually around the edge racement level of 0.5 and 0.618. With the help of the $ 104,300 price level as a market top, the expected correction prices can attract up to $ 86,000 – $ 89,000, a price range around Golf C in the corrective trend.
In particular, there is potential for Bitcoin to resume his bullish trend before the correction is over, because there would be a price bumper in line with Golf B of the corrective phase. However, NewdoughtheghtCrypto experts expect a full correction before the Prime Minister again launches his costs for a new of all time, which is likely to happen in the summer.
Micro Outlook indicates a purpose of $ 106,000 before correction
In a micro representation of the Bitcoin market using the 4-hour graph, the analysts of the Bitcoin of the state of Newsliddowpto State I, II and III seem to have completed, where Wave III exceeds the market expectations.
The Crypto flagship is now waiting for Golf IV, which is always a corrective wave. With a Wave III top at $ 104,300, the expected market correction would push the price to between $ 100,000 – $ 101,000. Then a Bullish Wave V must start stimulating prices up to $ 106,000 before the corrective trend starts.
At the time of the press, Bitcoin continues to act at $ 102,810 after an increase of 0.06% in the past day. In the meantime, the daily trade volume has fallen by 6.68% and appreciated at $ 62.23 billion.