Bitcoin charts show no signs of bearishness, according to analyst.
More Crypto Online, a popular cryptocurrency analyst on YouTube, has pointed out that the current pattern on the Bitcoin chart could pave the way for a bigger trend in the market.
In a video posted on January 12th, the analyst suggests that if the Bitcoin daily chart breaks its micro support, it could signal the start of a wave four, which in turn would trigger a larger wave five, as long as the market doesn’t drop below $35,000.
If this scenario plays out, the next wave four would be significantly larger than the previous month’s wave four, resulting in a positive outcome for the market.
The analyst also emphasizes that there is no bearish indication on the chart unless the market drops below $20,000. They view any sell-off as an opportunity to buy, as they believe it’s unlikely that Bitcoin will drop to that level. They are currently focused on observing a wave four scenario, and once all five waves are complete, they anticipate a sharp pullback in the market.
When analyzing the hourly chart, the analyst suggests that the rally from the low point on September 11th may have already reached its peak on January 11th. However, they acknowledge that this can only be confirmed if the market sustains a break below $42,550.
While the daily charts show some red candles, indicating a sell-off, the analyst assures viewers that this is not a cause for concern as it is a common occurrence in the crypto market and does not signal a major downturn.
Additionally, More Crypto Online predicts a change in the market, suggesting that the ETH/BTC chart may have reached its lowest point in the previous week. They speculate that money could flow from Bitcoin to Ethereum and other altcoins, leading to an altcoin season.
In conclusion, More Crypto Online is confident in the potential for a larger trend in the Bitcoin market and advises viewers to closely monitor the market conditions to make informed investment decisions.
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