Bitcoin’s recent rally above $35k wasn’t the result of a “false” report, but rather a TRULY bullish Elliott wave pattern
It’s hard to remember life before Siri. It’s been invaluable for navigating day-to-day decisions like where to eat dinner or how to solve our children’s algebra homework.
But from the looks of this October 21 crypto news source, investors and traders are starting to rely on AI technology to answer their questions as to where major markets are headed:
“We Asked ChatGPT if Bitcoin’s Price Will Hit $100K in Case the SEC Approves a Spot BTC ETF” (CryptoPotato)
The robot’s answer: essentially “it depends” on a whole host of “fundamentals.”
Which is exactly what the mainstream HUMAN market experts say in the first place. Take, for example, the recent surge in Bitcoin, which saw prices rally to a 15-month high on October 23 before settling lower.
According to the usual pundits, Bitcoin’s October bounce has been fueled by one main “fundamental” event; namely, the October 16 news — later discovered to be FAKE — of the Securities and Exchange Commission approving Black Rock’s iShares spot Bitcoin ETF.
Here are the headlines to back it up:
- ‘Flight To Quality?’ Bitcoin Price Eclipses $30,000 On ETF Momentum (Oct. 20 Investors.com)
- Bitcoin Price Surges 7% In 10 Minutes on Fake iShares ETF News (Oct. 17 NewsBTC)
- Bitcoin tops $31,000 to start the week as hopes grow over ETF (Oct. 23 CNBC)
In truth, Bitcoin has been in rally mode because of a very REAL and very bullish Elliott wave pattern, which we first identified in the October 11 Crypto Trader’s Classroom.
There, five days before the Bitcoin rally, we presented the following price chart, which showed Bitcoin at the cusp of the most powerful Elliott wave impulse pattern: a third-of-a-third wave. From the October 11 Crypto Trader’s Classroom:
“We have a 1-2, 1-2 bullish scenario in this market… We’re trying to catch the next big move and look for favorable risk-reward setups along the way.
From there, Bitcoin began to pick up steam. On October 19, Crypto Trader’s Classroom revisited Bitcoin’s optimal path and raised the upside target, observing:
“With the count at hand, we’re good to keep the focus higher, as long as there is no significant break below 26,538.”
And, the next chart captures Bitcoin’s powerful surge through October 23.
Of course, not all Elliott wave interpretations turn out to be correct. But unlike a robot or flesh-and-blood “fundamental” analyst, our Crypto Trader’s Classroom puts investors and traders face-to-screen with an actual Elliott wave analyst — who relies on market psychology instead of the news — guides them every step of the way through the most favorable Elliott wave set-ups, including critical price levels to manage risk.
And, on October 17, October 18, and October 19, Crypto Trader’s Classroom video lessons focus on BTCUSD’s near and long-term Elliott wave trajectory to help illuminate the next opportunity before it’s too late.
See below for more information!
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