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More crypto Online, a YouTube cryptocurrency analyst, highlights that the current five-wave trend on the bitcoin chart could open the door to an even bigger trend.
In the January 12 video, the analyst suggests that if micro-support breaks on the daily chart of bitcoin (btc), the market can expect a fourth wave, which will trigger a larger wave five, assuming the market does not pull back. below $35,000.
If so, the next wave four will be substantially higher than the previous month's wave four, resulting in a bullish outcome.
More crypto Online suggests that nothing is bearish on the chart unless the market breaks $20,000.
“I would take any sell-off as a gift,” the analyst shares. “Anyway, I find it hard to see bitcoin going down to that level. First I am attentive to a fourth wave scenario. “Once five waves are completed, markets should expect a sharp pullback.”
Looking at the hourly chart, the rally from the 9/11 low could have been completed on January 11, which would have been a major high. However, the analyst confirms that this cannot be confirmed until the market reaches a sustained break below $42,550.
The analyst points out some red candles on the daily charts, although highlighting the sell-off should not come as a surprise as they are common in cryptocurrencies and do not indicate a larger downturn.
More crypto Online also predicts that something has changed, predicting that the eth/btc chart is said to have bottomed the previous week. More crypto Online suggests that money could flow from btc to ethereum (eth) and many other altcoins in what is said to be a market shift that will trigger altcoin season.
