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Bitcoin has picked up strength over the weekend and is now close to mid-July highs after gaining about 10% in the past week.
At 5.45 am EST today, BTC was trading at around $30,500, up more than 2% in 24 hours. Although the king of cryptos has been on a rally since October 11, there are signs that the steam is running out with this latest high.
Looking at the Elliott wave, a means of analyzing price movement based on human psychology, the latest high is most likely the second leg of the corrective wave that began with the July highs.
Following the logic of the Elliott wave principle, the price will break down from these highs with speed to a point just short of the fourth impulse leg that took the price to those highs.
That leg began on June 15, turning at $24,800. The first corrective leg saw the price return from the July high of $31,800 to $24,900 on September 11 before reversing to today’s level.
While there is still some leeway for a further small gain, the sound thinking is that a move down is more probable. Elliott wave theory tells us this drop will be slow but surpass the September 11 and June 15 pivots. To that end, a move below $24,800 is quite probable.
Analyst support
Other reasons for a downturn are the levels of resistance that Bitcoin now faces if it wants to continue to push up. Analyst Matthew Hyland has taken to Twitter to voice his forecast: if the rally now does indeed come to an end, the next support levels will be at around $29k.
With little in the way of strong impact macroeconomic news scheduled for today, a consolidation after the strong push is very likely before the drop begins in the coming days.
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