By Solomon OdunayoA popular Elliot Trader, Henrik Zeberg, aired his prediction regarding the price trend of Bitcoin (BTC), the largest cryptocurrency by market cap, some hours ago.
In his prediction shared on Twitter, he claimed that the price of Bitcoin (BTC) would drop to $1,760, before a massive price uptrend.
A few days ago, Bitcoin (BTC) raised the hope of the cryptocurrency community after retesting a 5-digit price level. Many hoped for consolidation, but reverse ended up being the case, after suffering an unprecedented flash crash about 2 days ago.
The huge price dip started from around $9,500, shedding 10% of its accumulated price within 10 minutes to trade around $8,100 price level.
Since then, the largest cryptocurrency has been hovering around $8,700 price region. At the time of writing, BTC is trading at $8,672.30, with a 1.22% price downtrend in the last 24 hours.
Henrik Zeberg Says a Drop to $1,760 Is Imminent For Bitcoin (BTC)
Henrik Zeberg took to Twitter to share his prediction for the trend of Bitcoin (BTC) price on 10th May 2020. In the tweet, he said the price of the top cryptocurrency would experience a significant drop to $1,760 before the bottom, which would be followed by a massive price upsurge.
The trader presented indicators shown by Elliot Waves, which reveal that Bitcoin (BTC) reached a local top after the recent rally above $10,000 resistance.
Henrik Zeberg sees the possibility of reaching the bottom of Wave C in June 2020, which would mark a 1-year period since Bitcoin (BTC) reached the top Wave B after the uptrend that took BTC price closer to breaking above $14,000 resistance in 2019.
According to the trader, this could bring the price of Bitcoin (BTC) down to $1,760, which represents over 75% price downtrend from the price of BTC at press time. He explained further that the major reason for the likely huge correction is due to soaring real rates.
Captioning an illustrative chart, he wrote:
Bitcoin may have topped in smaller wave (B) of Y. Top here seems logic, as 100% decline of (A) gives us old bottom from 2018 and 1.27% (which is often length of C wave) gives us ~1760. My updated target is latter: 1760 USD before bottom. Why decline? Due to soaring real rates!
#Bitcoin may have topped in smaller wave (B) of Y. Top here seems logic, as 100% decline of (A) gives us old bottom from 2018 and 1.27% (which is often length of C wave) gives us ~1760. My updated target is latter: 1760 USD before bottom. Why decline? Due to soaring real rates! pic.twitter.com/Gm5tUYWRhE
— Henrik Zeberg (@HenrikZeberg) May 10, 2020
Henrik Zeberg Believes Massive Uptrend to New All-Time Highs for Bitcoin (BTC) After the Bottom
Henrik Zeberg, the Elliot trader believes this bottom will mark the beginning of new price all-time highs for the king of coins, Bitcoin (BTC).
In the thread of tweets, he noted that the forthcoming deflation would initiate the rise of Bitcoin price to at least $34,000. He further noted that the price of BTC could rise as high as $94,000.
He wrote:
“Let’s look at the potential to the upside – following major bottom. The major triangle is a continuation pattern – hence any strong decline to ~1760 is not evidence for Bitcoin’s demise. The upside pot. is min. 34k – likely 54k – pot. 94k during phase of Run-from-Fiat-currencies.”
Let's look at the potential to the upside – following major bottom. The major triangle is a continuation pattern – hence any strong decline to ~1760 is not evidence for #Bitcoin's demise. The upside pot. is min. 34k – likely 54k – pot. 94k during phase of Run-from-Fiat-currencies pic.twitter.com/sQ6bWHkm8U
— Henrik Zeberg (@HenrikZeberg) May 10, 2020
Lesson learned: If it plays out as predicted by the Elliot trader, Henrik Zeberg, then a price drop to the $1,000 price region should serve as a priceless opportunity for investors to accumulate before Bitcoin (BTC) embarks on another massive uptrend to new all-time highs.