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Bitcoin update: price BTC and crypto drops. Correction or end of Elliott Wave?

We take a look at the crypto market as we do every day. First, we look at the live Bitcoin price and the prices of the top 25 crypto currencies. Then we look at various analyses, including the Elliott wave analysis to see if Bitcoin is nearing the end of a wave and will rise again or see a further correction.

We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto.

Live Bitcoin price and prices top 25 crypto coins drop

At the time of writing, the live Bitcoin price is quoting EUR 36,331.53 ($41,474.39). This is 2.56% lower than yesterday around this time and also lower than during our crypto lunch on Friday.

The prices of the top 25 crypto coins are also falling. The biggest loser at the moment is newcomer Fantom (FTM), which is losing 12.73% in 24 hours. Of course, you can watch all live crypto prices on the Tradeincrypto.com site 24 hours a day.

Bitcoin price continues to divide crypto market. This is what analysts say

When we compare the various analyses side by side, we see that analysts remain divided on the future of Bitcoin. We look at various opinions, such as fundamental analysis, technical analysis and Elliott Wave analysis.

Invesco analyst is pessimistic about the ‘Bitcoin bubble’

Investor Invesco has a pessimistic view. They argue that Bitcoin rose to $68,000 too quickly last year, creating a bubble. They expect this bubble to burst this year and next before we can see another big rise.

Director Paul Jackson explains that he sees synonyms with the huge rises and marketing of stocks before the 1929 crash. With this, Bitcoin meets his “mania criteria. As a result, he expects the price of Bitcoin to be around $34,000-$37,000 by the end of October.

Technical analyses show price rise

If we leave this pessimistic view (of which Jackson himself notes the margin of error) and turn to the technical analyses we see a different picture. On the contrary, the well-known analyst TechDev is optimistic about the market and sees that the price of Bitcoin is still moving in the margins of cycles from previous years. He is therefore optimistic and expects a recovery. This is supported in the following technical analysis.

The Elliott Wave analysis also brings a more positive outlook on the upcoming Bitcoin price.

Bitcoin Elloitt Wave Analysis foresees a turnaround

In a comprehensive analysis, it is shown that according to the Elliott Wave Analysis, Bitcoin is moving close to the end of its fourth wave. This could create a new bull wave that could bring the Bitcoin price, as already expected last year, towards new price records and perhaps the $100,000 mark. You can see this analysis including charts here.

The Elliott Wave analysis is a widely used, but also difficult technical analysis. Our colleagues at Tradeincrypto.com wrote a comprehensive guide on using the Elliott Wave Analysis for Bitcoin and crypto. Any drawbacks and tips on what to look out for when using an Elliott Wave Analysis can of course be expected if you read the manual here.

Staying up to date with the latest price developments?

You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly price forecast might be a reading tip.

Note: We never give financial advice, so our contributions should not be interpreted as such. Always do your own research and decide rationally if, when, what and how much you want to invest in.