Bitcoin BTC and cryptocurrency is now a scam or is it FUD

Hello Skyrexians!

This weekend was extremely scary on the crypto market, especially since today is a real “Black Monday” and not only crypto, but also traditional markets are now collapsing. The most famous cryptocurrency trading strategies gave false signals before the collapse. Most of the leading cryptocurrency trading platforms and leading crypto traders are facing huge losses, algorithmic trading bots and other algorithmic cryptocurrency trading software have led their users to losses and liquidations. Various automated trading bots, grid bots, and other cryptocurrency bots have also shown terrible results for most people. Only ai cryptocurrency trading bot allowed people not to lose.

It’s a really dark time in the market on how to overcome all this FUD and be successful in crypto trading. We know that the most important thing is to understand what phase of the market we are in now. In today’s article, we will look at various charts and time frames on the BTC price chart and try to understand what will happen next.

The monthly timeframe shows that everything is almost ready

If you look at our previous Bitcoin analysis, you will find that $49K was absolutely achievable. But the speed of this move really worries us, and we need to look at the global picture first. A sideways move that began in March 2024 produced the first red bar on the Awesome Oscillator, and this is our first reminder that the bull market will not last forever. This is the first sign of weakness. The momentum is gone, so wait for the bullish rally to continue to crazy numbers like $200k. The bull market is almost over! The bearish divergence and Elliott wave count tell us that wave 5 of the supercycle is complete and we will enter a bear market like never before.

Is it time to panic? We guess not! The last wave 5 will also consist of 5 waves, and right now we do not see clear confirmation that this bull run is over. It is weakening, but will most likely continue. Where will it be achieved? The rough forecast for wave 5 shows that BTC will likely reach $80k+, but not significantly higher. After this we will see a bear market with a target of $35k.

What wave of the bull market is now?

We discussed that the current bull run is wave 5 of the supercycle, how much does price need to rise to complete it? Looking at the 1W timeframe and the Awesome Oscillator, we see that wave 3 has ended, we are now in wave 4. It will be completed when the AO crosses the zero line. This means that wave 4 is not over yet. The big fact is that the price exactly reached the target, which is Fibonacci 0.5 for this wave.

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We don’t expect immediate pumping from here, but the dump is almost complete. We expect a disappointing range between $49K and $58K. After that, a breakout into the wave 5 target area between $85K and $110K is expected. This bull run will end in a bearish divergence with AO, and we expect this to happen in 2025.

Deep dive into correction

On the price chart below you can see the 2-day time frame. Here we can find the structure of waves 3 and 4 of this bullish rally. Wave 3 was difficult because wave 5 was shortened. This can confuse even the best crypto traders. After that, we saw waves A and B inside wave 4.

Price is now printing wave C. This could be fast, as we saw today, but it doesn’t seem to be done yet. It is likely that we will not see prices significantly lower, but if we are wrong, then the maximum dump target is 0.61 Fibonacci. Now it’s $43,500.

When does wave C end?

As we can see in the chart below, wave 3 within wave C is still ongoing. The conservative goal has been achieved. The maximum target is $45K, which aligns perfectly with the analysis above. In any case, to say that the correction is over, you first need to see the 5th wave.

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Conclusion

Despite all the FUD and panic, we are confident that Bitcoin will bottom out soon. Moreover, this correction is needed so that people get scared and sell their altcoins. The good news is that after such negativity, the likelihood of a massive alt-season has increased. How does this work? Most people won’t buy on sale right now. They will wait for a rebound to sell, thinking it’s all over. This is excellent liquidity for large players. They will absorb all these tokens and be able to send the price to ATH.

Best wishes
Team Skyrex

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