The price movement of Bitcoin forms an exclusive pattern, indicating a positive outlook for further progress. The chief crypto token is witnessing a “Cup and Handle” pattern in terms of its price movement, with an anticipation of reaching the $300,000 spot. As per latest analysis by Gert van Lagen, this bullish price formation signifies the potential to push Bitcoin to significant heights.
The top crypto asset’s price analysis, in line with the Elliott Wave theory, reveals the status of Bitcoin. In this respect, since 2022’s November, the crypto asset has gone through 5 waves. The initial impulse wave denoted the beginning of BTC’s uptrend. Following that, the initial correction emerged as a required pullback for the consolidation of gains.
After that, the second momentum impulse took place, representing a resilient continuation of Bitcoin’s uptrend. Subsequently, the second correction will likely lead to another price rise. Nonetheless, the third blow-off impulse is currently in progress. As per Elliot Wave theory, this pattern symbolizes a strong uptrend.
Bitcoin Weekly Analysis Offers 3 Scenarios for Traders
According to the weekly analysis, there are 3 scenarios concerning Bitcoin trading based on price movement. Hence, one of them deals with the closure of BTC price at more than $49,000 for a complete week. The respective situation will reportedly play the role of a direct wave as the Elliot Wave theory proposes. This situation points out that the traders should hodl the assets instead of selling.
Price Above the $49,000 Spot Suggests Hodling
On the other hand, the second scenario deals with Bitcoin’s price closure below the $49,000 spot. For this, the traders should scale out, signifying the selling of a proportion of the BTC holdings during a following price bounce. This will potentially push the price to drop again to test the zone higher than $31,800. If the price effectively reaches the respective zone, the traders need to again scale in. This means that they should purchase back some BTC.
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This will reportedly prepare them to get potential for an additional wave. The 3rd scenario comprises a situation where the BTC price just touches the $31,800 mark briefly before a rebound. This implies the wave theory’s invalidation, meaning that there are fewer chances for the anticipated price movement to occur. A noteworthy thing here is that the strategy is complex and may not be suitability for every investor.