BTCUSD - Bitcoin's global uptrend is complete.BTCUSD - Bitcoin's global uptrend is complete.
the global uptrend on Bitcoin (BTC) has come to an end. This point of view has caused an active discussion among traders and investors, especially after key support levels were broken and the market entered a prolonged correction phase.
The main arguments of the “wave-watchers”
Completion of the 5th Elliott Wave
According to Elliott's theory, the global uptrend consists of five waves: three impulsive and two corrective.
Some analysts argue that the fifth wave ended at Bitcoin's all-time high around $69,000 in 2021, after which a long correction cycle began.
ABC-shaped correction development
After the completion of the fifth wave, the market may form a correction in the form of three waves (ABC).
Bitcoin's current dynamics, including the price decline in 2022, is seen as the realization of this correction structure.
Loss of key support levels
Levels that used to serve as strong support (e.g. $30,000 and $20,000) have been broken. This reinforces the view that the market is already out of its global bullish trend phase.
Declining institutional interest
Many large investors have slowed down their investments in Bitcoin, which also indicates a possible downturn in the long-term uptrend.
What to expect next?
Wave structure
The current correction may be temporary and the market will enter a new phase of growth (the beginning of a new cycle of waves).
Key levels to confirm the trend
If the price comes back and consolidates above $30,000-$35,000, it will be a strong signal of bullish trend continuation.
A move below $10,000 could confirm the end of the global uptrend.
Long-term outlook
Bitcoin is still an attractive asset to hedge, especially given its limited supply (21 million coins).
