According to More Crypto Online, a cryptocurrency analyst on YouTube, the current trend on the Bitcoin chart consisting of five waves could potentially lead to an even larger trend. In a video released on January 12th, the analyst explains that if the daily chart for Bitcoin (BTC) breaks its micro support, it could trigger a wave four, followed by a larger wave five, as long as the market does not drop below $35,000.
If this scenario plays out, the upcoming wave four would be significantly larger than the previous month’s wave four, resulting in a bullish outcome. The analyst also emphasizes that nothing on the chart indicates a bearish trend unless the market falls below $20,000. They go on to say, “I would treat any sell-off as a gift,” and express doubts about Bitcoin dropping to that level. Instead, they are currently monitoring for a potential wave four before expecting a sharp pullback once all five waves are complete.
On the hourly chart, the rally from the September 11th low may have ended on January 11th, which could have been a major top. However, the analyst clarifies that this cannot be confirmed until there is a sustained break below $42,550. They also note a few red candles on the daily charts, but assure viewers that this is common in the crypto market and does not necessarily signal a larger downturn.
More Crypto Online also predicts a potential shift in the market, stating that the ETH/BTC chart may have bottomed out the previous week. This could lead to a flow of money from BTC to Ethereum (ETH) and other altcoins, potentially triggering an “altcoin season.”
To stay updated on the latest news and analysis, More Crypto Online encourages followers to connect with them on Google News.