November 25, 2020 / Forecasts

Bitcoin and Ethereum Forecast: Frenzied Growth Week or Sharp Correction

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The main confirmation of Bitcoin continued growth was a reversal after falling to $ 17,600 and a quick return of the price above $ 18,000. We collect the predictions of traders Tyler S, The Moon, and MMCrypto, in which they will talk about their expectations for the next tangential action of BTC.

Tyler s

Whoever first got into our selection of forecasts should know that they come in chronological order as they are published, that is, from the oldest to the newest.

The first one today will be Tyler S, which showed a development of the head and shoulders pattern on its chart, as a result of which the price went down by $ 17,500:

Bitcoin was quickly bought back at this level. According to the trader, this is due to the interest of institutional investors. The pace at which the demand for Bitcoin is growing suggests that very soon there will be problems even with buying a part of bitcoin, and then the price will grow at an incredible pace.

The important border is $ 18,700 on the 4-hours chart. If Bitcoin rises above the middle of this channel, it will continue to move towards its upper border and may again try to exceed the $ 19,000 price.

He also notes that buying pressure is very strong and supports the parabolic structure of the price movement. At the same time, the trader believes that having broken the resistance by $ 19,000, Bitcoin will show another rapid growth and will not stop at $ 20,000. At the moment, the rate may rise immediately by $ 22,500, after which a correction will already begin.

Alessio Rastani

Alessio is known for his love for Elliott Waves and today he wants to tell if it could be that there will be no to the moon and Bitcoin will soon fly back to $ 4,000:

The trader shows that Bitcoin is currently in the stage of growth in the third wave, which can raise the rate in the range from $ 21,000 to $ 23,000.

And then we will analyze the probability of the most terrible forecast, according to which we are still in a bear market.

For this, the fall from January to December 2018 was the so-called wave A, and what we saw next and continues to this day is a rebound in the form of wave B. It may well raise the price above $ 20,000, but then a strong reversal will follow and the rate will rush to a new bottom towards $ 4,000.

Alessio explains that, as a rule, such a corrective movement has a 3-3-5 structure. That is, wave A will have three waves inside it, then wave B will rise, which consists of three more waves, and then the last wave C of five smaller waves.

And based on such confusing mathematics, Alessio comes to the conclusion that the first wave of the bull market began in December 2018. In addition, he is betting that Bitcoin will continue to correlate with the stock market, which has high hopes for further growth. In addition, Bitcoin continues to show a long-term upward trend.

So, how likely is a big Bitcoin correction scenario? Alessio thinks that he has very little chance, but it is important to watch the next price movement. The first alarm bell, the beginning of a strong correction, after a rise above $ 20,000. And the second signal for panic, a fall below the support by $ 12,500, then we can really fly by $ 4,000 and even $ 2,000.

MMCrypto

Chris is naturally on the bulls’ side and notes how important it was to get support at $ 17,600 to keep the uptrend alive:

He says that at the moment he is out of the market for the reason that there is no clear scenario for further price growth. And he does not even exclude the option when Bitcoin will go down again, breaking the nearest support, and then it will become a bear for some time, especially when the price closes below $ 17,000.

But for today we are in a bullish structure and according to statistics, the most likely scenario is a repeated movement to $ 19,000 with an attempt to overcome this resistance.

As for Ethereum, Chris is talking about growth in tandem with the US dollar. According to the Fibonacci levels, if the Ethereum price can pass $ 580, then the next price levels are $ 750 and $ 945.

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