These 4 well-known traders were able to predict the movement of Bitcoin (BTC) in August
Date: 2023-09-03 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
Despite numerous attempts, Bitcoin (BTC) has never been able to return above the $30,000 resistance area. The drop culminated in a low of $25,166 on August 16.
These four crypto traders used different methods to predict the BTC bear move in August and made significant profits from the trades as a result.
Wave Calculation Predicted BTC Drop
Elliott Wave Theory involves analyzing repeating long-term price patterns to determine the direction of a trend. This trading method accurately predicted that the price had already topped out and would continue to decline in August.
In early August, Elliott Wave specialist XForceGlobal tweeted that BTC had reached a local top and was entering a correction phase. He indicated an initial target of $26,000 but said the decline could continue to $23,000.
At the time of the tweet, the main cryptocurrency was trading near the $29,000 mark. After that, a sharp decline began, which led to a low of $25,166.
Since then, the price of BTC has risen sharply, never dropping to the $23,000 level. However, such a possibility still exists.
The price range helped determine the direction of movement
The three other crypto traders who gave correct Bitcoin price predictions in August focused on the price range.
George1Trader used a short-term range, while Mesawine1 and Crypto_Chase focused on moving near the local top.
The first range was between $29,000 and $30,000 (marked in black on the chart). On August 16, the price of BTC went beyond its limits and fell to a low of $25,166.
The price then traded in a shorter-term range between $25,800 and $26,800 (marked in white on the chart). A break out of it on August 29 became a catalyst for local growth.
