Trying to time the Bitcoin bottom as the perfect time to buy is an aspiration for many cryptocurrency traders. As a result, crypto analysts have used various indicators in their quest to predict the best time to buy Bitcoin. This pursuit hasn’t slowed down even as the BTC price hit a new all-time high earlier this year, when crypto analyst RN Elliot sounded the alarm on 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 contains two different zigzags, both of which will likely play the same way. Since the first pattern has already been completed, the crypto analyst places the BTC all-time high above $73,000.
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Since the analyst believes that the second zigzag pattern could form in the same way, it is likely that this will already be visible after a crash from $70,000 to below $50,000. If this analysis is correct, it could mean that Bitcoin price is poised to recover from this point.
From here, a Bitcoin recovery could push the price above $74,000, which would mark a brand new all-time high for the cryptocurrency pioneer. Furthermore, such a surge would have a market-wide impact, leading to another possible bull run for both altcoins.
Using the Elliot Wave to time the bottom
Elliot’s analysis focuses on the popular Elliot Wave tool as a way to predict when is the best time to buy Bitcoin. This tool uses a series of waves in an attempt to predict when the price might rise and fall, indicating periods of bearish and bullish momentum. By applying this tool, the crypto analyst believes he has been able to put an end to the bearish trend.
Going by the crypto analyst’s predictions, now is the time to buy Bitcoin as the zigzag pattern is still ongoing. As for the Elliot Wave theory, the crypto analyst explains that Bitcoin is in the third wave. However, this is not a single wave with the prediction that it will consist of five subwaves.
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As this wave progresses, Elliot expects that an ‘Expanding Diagonal’ pattern may form. According to the analyst, this pattern usually arises in an unstable market. However, as the formation continues, he believes the price will rise.
The Bitcoin price rally targets are set at $84,331.6 for a short wave and $106,219.6 in the case of a longer wave. Regardless of the length of the wave, any of these price points would guarantee a brand new peak for the pioneering cryptocurrency.
Featured image created with Dall.E, chart from Tradingview.com