A theory suggests that Bitcoin could drop to $20,000 soon

A theory suggests that Bitcoin could drop to $20,000 soon

It is the Elliot Wave Theory, a technical analysis methodology to detect patterns of the future movements of a financial asset. In this article, all the details, keep reading. 

It is the Elliot Wave Theory, a technical analysis methodology to detect patterns of the future movements of a financial asset. In this article, all the details, keep reading. 

Bitcoin and the rest of the cryptocurrencies are going through weeks of high volatility. Although they found a certain level of stability, the values of some of these assets collapsed in their entirety, and, in the case of the most important cryptocurrency, they lost more than half of their value in less than a month.

Bitcoin and the rest of the cryptocurrencies are going through weeks of high volatility.

But, after the strong correction suffered, some indicators suggest that it may not be over yet. Despite firm support above $ 30,000 per unit, one theory, in particular, puts the market rally on hold.

This is the Elliott Wave Theory, which could indicate that Bitcoin would plummet to $20,000 per unit in the coming weeks.

After the events that occurred in May that put the ecosystem in danger, the technical situation of Bitcoin, in particular, is complex. The cryptocurrency plummeted as much as 13%, testing key support at $30,000 per unit. Also, Ethereum and Cardano suffered considerable losses, among others.

This is the Elliott Wave Theory, which could indicate that Bitcoin would plummet to $20,000 per unit in the coming weeks.

The Elliott Wave Theory was born from the hand of the economist Ralph Nelson Elliott. It is a methodology for analyzing market trends based on the principle of financial market price movements through the waves formed by quotes. Its purpose would be to predict future movements in a particular market, generally that of financial assets, to make decisions.

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