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Bitcoin: A BTC Breakdown or Liquidity Grab?



Welcome back to the Cheeky Crypto channel, where host Nick will delve into the world of cryptocurrency analysis and market predictions. Today, Nick will be examining Bitcoin’s recent price action and exploring the potential for a BTC breakdown or liquidity grab.

Bitcoin Price Analysis

Bitcoin’s price has been moving in a sideways trend recently, shifting from a three-wave pattern to a five-wave pattern. Nick suggests that the market is consolidating and could be preparing for a significant move in either direction.

Technical Indicators

On the 1-hour chart, Nick observes potential death crosses forming, indicating a bearish trend. Additionally, support and resistance levels are currently between $36,350 and $36,915.

Market Structure

Analyzing trendlines and channels reveals that Bitcoin could experience a deeper move before an upside continuation. Trendlines play a crucial role in identifying breakout scenarios and predicting future price movements.

Elliot Wave Theory

From an Elliot Wave perspective, Nick can identify a transition from a three-wave to a five-wave structure. This suggests that Bitcoin could move to the downside before further upside potential.

Short-Term Price Action

Short-term indicators, such as stochastic RSI, are pointing towards a potential downturn. However, it’s important to emphasize that the 1-hour timeframe is crucial for identifying short-term trends.

Long-Term Analysis

Moving to the daily timeframe, Nick can observe an ascending wedge pattern on the weekly timeframe. This pattern typically leads to a breakout in either direction, with potential targets ranging from $38,000 to $40,000.

Smart Money Concepts

Smart money analysis confirms a bullish structure, suggesting that institutional investors are cautiously optimistic about Bitcoin’s long-term prospects. Fair value gaps could also play a role in influencing price movements.

Market Momentum

Stochastic RSI on multiple timeframes indicates overbought conditions, which have historically led to corrections. Volume profiles and their impact on market movements should also be considered.

Price Targets and Expectations

Based on the various indicators Nick analyzed, we anticipate a move to the downside in Bitcoin’s price. This correction could potentially reach 40-50% of its current value. Nevertheless, Nick will continue to monitor key support and resistance levels closely.


Overall, Nick expects a correction in Bitcoin’s price over the coming months. Factors such as volume profiles, market momentum, and Elliot Wave patterns are influencing our predictions.

Remember, the cryptocurrency market is highly dynamic and subject to rapid changes. Continuous analysis and adaptation are essential for navigating this volatile landscape.

Wrapping Up

Thank you for joining us today on the Bitcoin price analysis and prediction. We hope you found the insights valuable. If you did, please consider subscribing to the channel for more in-depth cryptocurrency analysis.

Have a fantastic day!

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