Trying to time the Bitcoin bottom as the perfect time to buy is a pursuit for many cryptocurrency traders. As a result, crypto analysts have used various indicators in the quest to predict the best time to buy Bitcoin. This pursuit has not waned even with the BTC price hitting a new all-time high earlier this year, as crypto analyst R.N. Elliot has sounded the alarm for what he believes is the best time to buy the leading cryptocurrency.
Time To Buy Bitcoin
The analyst’s chart points to a “Double Zigzag” pattern that has formed for Bitcoin. As the name implies, it includes two different zigzags, both of which are likely to play out the same way. Since the first pattern has already been completed, which the crypto analyst places with the BTC all-time high above $73,000.
Since the analyst believes that the second zigzag pattern could form the same way, it’s likely it has already playing out following a crash from $70,000 to below $50,000. If this analysis is right, then it could mean that the Bitcoin price is ready to recover from here.
From here, a Bitcoin recovery could put the price above $74,000, which would mean a bran-new all-time high for the pioneer cryptocurrency. Additionally, such a surge would have a market-wide impact, triggering another possible bull run for altcoins alike.
Using The Elliot Wave To Time The Bottom
Elliot’s analysis focuses on the popular Elliot Wave toolas a way to predict when would be the best time to start buying Bitcoin. This tool uses a series of waves in an attempt to predict when the price might rise and fall, suggesting periods of bearish and bullish momentum. By applying this tool, the crypto analyst believes he has been able to pinpoint an end to the bearish trend.
Going by the crypto analyst’s predictions, the time to start buying Bitcoin is now as the zigzag pattern is still in progress. As for the Elliot Wave theory, the crypto analyst explains that Bitcoin is in the third wave. However, this isn’t a standalone wave with a prediction that it will consist of five subwaves.
As this wave progresses, Elliot expects that an “Expanding Diagonal” pattern could be formed. According to the analyst, this pattern usually arises in an unstable market. However, with the formation continuing, he believes that the price will rise.
The targets for the Bitcoin price rally are placed at $84,331.6 for a short wave and $106,219.6 in the event of a longer wave. Regardless of the length of the wave, either of these price points would guarantee a brand-new peak for the pioneer cryptocurrency.
Featured image created with Dall.E, chart from Tradingview.com
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