YouTube cryptocurrency analyst, More Crypto Online, points out a potential continuation of the current five-wave trend in Bitcoin charts, emphasizing the significance of micro support on the daily chart. In a video posted on January 12, the analyst suggests that a break in micro support could lead to a wave four, followed by a larger wave five, with a key condition being that the market remains above $35,000.
If this scenario unfolds, the projected wave four is anticipated to be notably larger than the previous month’s wave four, resulting in a bullish outcome. Despite potential red candles on the daily charts, the analyst downplays the significance, stating that such sell-offs are common in the crypto market and do not necessarily indicate a broader downturn.
The analyst encourages a positive outlook, stating, “I would treat any sell-off as a gift” and expresses skepticism about Bitcoin dropping below $20,000. The focus is on monitoring the completion of the five waves, after which a sharp pullback is anticipated.
Examining the hourly chart, the analyst suggests that the rally from the September 11 low might have concluded on January 11, potentially marking a major top. However, confirmation is contingent on a sustained break below $42,550.
More Crypto Online also introduces a perspective shift, forecasting a potential bottoming of the ETH/BTC chart in the previous week. The analyst speculates that this change could lead to a flow of funds from Bitcoin to Ethereum (ETH) and other altcoins, potentially initiating what is referred to as an altcoin season.