As Bitcoin – and cryptocurrency as a whole – gains momentum, there is a growing craze around this new financial technology that leaves even the biggest historical economic bubbles in its shadow. With even Wall Street experts now forecasting enormous growth for Bitcoin, one financial analyst goes against the grain and warns of an imminent crash for cryptocurrencies based on the Elliot Wave Principle. Historical Economic Bubbles Perhaps the earliest instance of a financial bubble recorded
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Elliott Waves are a popular yet controversial technical analysis indicator. This post will explore the relevance of Elliott Waves for bitcoin trends. Introduction to Elliott Waves Elliott Waves are a technical analysis indicator to predict future price trends. The principles of Elliott Waves are founded on the belief that markets follow predictable sequences of optimism and pessimism. The sequence of a bull market follows the below pattern. A bear market follows an exact opposite sequence.