Bitcoin Price Elliott Wave Price Update: Understanding the Bullish and Bearish BTC Scenarios

Summary

In this Bitcoin market update, the speaker discusses Bitcoin's recent decline from $99K to $91K, warning of a potential 15-25% pullback. Technical analysis suggests the market may be in a wave four correction, with possible further downside to the $70K range. Despite the pullback, the speaker advises caution against short trades, as no impulsive downside movement has occurred. Key support levels to watch are between $85.6K and $81.6K. Additionally, the video highlights a 20% off membership promotion valid until November 30th for both new and existing members.

Takeaways

• 😀 Bitcoin has recently dropped from around $99K to $91K, which is in line with the expected 15% pullback.
• 😀 The price drop is not a crash, but part of a larger market correction that may take Bitcoin down to the $70K range.
• 😀 The correction is likely part of a larger wave 4 pullback, which could last for a few weeks as part of an ongoing bullish trend.
• 😀 No clear short trade setup is present at the moment, as there has been no impulsive price action to the downside.
• 😀 A potential final rally to $100K is still possible, but probabilities are shifting as the market continues its correction.
• 😀 Bitcoin could experience a brief bounce in the short term, but the overall outlook remains focused on a larger corrective phase.
• 😀 Key support levels to watch are between $85K and $81K, which may indicate a potential entry point for long-term accumulation.
• 😀 The market may remain volatile, and patience will be required during this corrective phase to navigate potential further dips.
• 😀 The speaker remains bullish on the long-term prospects for Bitcoin, despite the ongoing short-term correction.
• 😀 There is a limited-time offer for a 20% discount on annual memberships until November 30th, available to both new and existing members.

Q & A

What is the recent trend in Bitcoin’s price as discussed in the video?

Bitcoin has experienced a slight decline, dropping from around $99K to $91K, marking a pullback of roughly 10-15%. This decline is not a crash but is seen as part of an expected correction in the market.

What does the speaker predict regarding Bitcoin's pullback?

The speaker anticipated a 15% or more pullback in Bitcoin’s price, which has already materialized. There is a possibility of further price drops, and the market could move into a deeper pullback from around the $100K region.

What is the significance of the 'fourth wave' in Elliott Wave theory as it relates to Bitcoin’s price?

The speaker suggests that Bitcoin may be in a fourth wave correction (according to Elliott Wave theory), which is a typical part of the market cycle before a final rally. This wave could lead to a deeper pullback before the market resumes upward movement.

Why does the speaker say that no one should be surprised by a deeper pullback in Bitcoin's price?

The speaker had previously warned of a potential 10-15% pullback and suggested that a deeper correction was expected. Given the market context and past predictions, the current decline is in line with what was anticipated.

Does the speaker believe Bitcoin is in a bearish market?

No, the speaker maintains that the market is still bullish overall. Although there may be short-term corrections, the long-term trend is expected to remain positive.

What is the speaker’s position on short trading during this correction?

The speaker does not see a clear short trade setup at the moment because there is no impulsive downward price action. The market is in a corrective phase, and the speaker advises caution, suggesting that shorting could be risky without further downside confirmation.

What are the key price levels to watch in Bitcoin’s current pullback?

The speaker highlights key support levels between $85.6K and $81.6K, suggesting that these areas are critical to watch in case the market continues to pull back.

How long does the speaker expect the current market correction to last?

The speaker believes the correction could take a few weeks, as it is part of a larger wave pattern. However, the exact duration is uncertain and depends on how the market develops in the coming days.

What could happen if Bitcoin sees another high in the short term?

If Bitcoin sees another high in the short term, the speaker believes it could be part of a larger wave structure. However, this potential rally is still uncertain, and the speaker keeps the possibility open while monitoring price action closely.

What membership offer is being promoted in the video?

The speaker promotes a special 20% discount on annual memberships, valid until November 30th. This offer applies to both new and existing members, allowing them to either join or extend their membership with a discounted gift card.