What Crypto Junctures Subscribers Saw Before Bitcoin Got Spanked for Another 20,000
In early May, Bitcoin looked like it might have regained its feet. Rallied from 60000 in early February. Many traders thought BTC was off to the races again.
Crypto Junctures analyst Jason Soni saw something different.
In his May 6 video update, Jason examined Bitcoin’s advance and concluded that the rally appeared to be nearing completion.
Rather than viewing the move as the start of a larger bullish advance, Jason argued that Bitcoin’s price action had more likely unfolded as a simple zigzag correction, labeled A-B-C. He pointed to several factors supporting that view, including price and time relationships, wave equality and the structure of the advance itself.
Watch the Video Excerpt:
Jason’s conclusion was clear: “I’m expecting a reversal…”
He further explained that his preferred Elliott wave count pointed to “…a move back below 60K.”
What Happened Next?
Less than a month later, Bitcoin did exactly that.
By June 5, Bitcoin had slipped below $60,000 — a decline of roughly 25% from the May highs.
While many traders and investors were focused on the bullish narrative, Crypto Junctures subscribers had already seen a detailed Elliott wave case suggesting the rally was running out of steam.
No one can predict every market move. But examples like this show how Elliott wave analysis can help identify potentially important turning points before they become obvious to everyone else.
What is Crypto Junctures Seeing Now?
Crypto Junctures provides ongoing Elliott wave analysis of Bitcoin, Ethereum, altcoins and the broader cryptocurrency market through regularly updated videos, charts and commentary from Elliott Wave International’s cryptocurrency analysts.
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Jason Soni Currency & Crypto Analyst
Jason Soni, CEWA, began his journey with financial markets in 1999 as a private investor. He became a proponent of technical analysis in 2005 and quickly adopted the Wave Principle in 2006. Prior to joining EWI in 2020, Jason spent 10 years guiding subscribers with daily wave analysis covering markets such as stocks, forex and commodities. Today, Jason provides commentary for more than 20 currency and cryptocurrency markets in EWI’s Pro Services, Crypto Junctures, and is a regular contributor to Trader’s Classroom.
