The so-called Elliott wave theory analyzes mass psychological market movements which attempt to predict the future price developments of a underlying underlying value. The theory wants to describe the behavior in the market and to make statements about future developments. In the case of bitcoin, according to the opinion of Goldman Sachs analyst Sheba Jafari, we are currently on the fifth drive or motive wave, which is now followed by a correction wave. Jafari sees the premature peak of the bitcoin accordingly at exactly 4,827 US dollar.
If this formation were to be confirmed at a price of $ 4,827, a significant correction phase could occur in the theory. In such a scenario, the Bitcoin price could fall to around $ 2,221. According to Jafari, signs of a short-term consolidation can be seen already at the current price level.
However, not all analysts can be impressed by the technical analysis and the Elliott wave theory. So the founder of Standpoint Research Ronnie Moas also increases its price target for the crypto-taler. In his opinion, the Bitcoin will reach the mark of 7,500 US dollars within a very short time. Moas assumes that in the coming months, more and more hedge funds and individual investors will jump onto the Bitcoin market rocket.
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