Author of Mastering Elliott Wave and Crypto Trader Intuit Trading Call For Extended Crypto Bear Market

Published on

Intuit Trading‘s crypto analysis, known for its previous accurate calls, suggests that the cryptocurrency market is currently experiencing an extended bear market, which could last for another 1-2 years and result in a 50% reduction in the global crypto market cap.

Some of Intuit’s has been trading cryptocurrencies for over a decade, some notable accurate predictions include calling the Bitcoin bottom in 2019 at 4K, the bottom in 2020 when Bitcoin was at 9k, the top in November 2021 when Bitcoin was at 69k, and the recent low in January 2023 when Bitcoin was at 16k. These accurate calls were based on their unique trading methodology.

The current analysis, which called the top at 30k, is primarily rooted in wave forecasts and employs the x-wave theory, indicating that the recent bull market was a temporary event. A key observation is the lack of robust confirmatory price action following the January bottom, suggesting that the market has not entered a new bull run. Instead, the analysis points to the formation of a contracting triangle pattern on TRX, and a more complex pattern on BTC, which is indicative of an x-wave which began in January 2023, followed by a diametric pattern that could persist for a similar duration as the first one. This would take over another year to complete and could bring BTC to under $10k, and TRX to under 3 cents.

Glenn Neely, the creator of Neowave and author of Mastering Elliott Wave, has also stated in a recent Webinar and privately to Intuit Trading that Bitcoin is likely in an x-wave pattern and only near the middle of a corrective pattern that could take over a year to complete. This further supports the bearish outlook presented in Intuit’s analysis.

Glenn Neely is a highly respected market analyst and trading expert, best known as the founder of the NEoWave Institute and the creator of NEoWave, an advanced and more objective extension of the Elliott Wave theory. His influential book, “Mastering Elliott Wave,” published in 1990, serves as a comprehensive guide for understanding and applying the Elliott Wave theory and NEoWave concepts in trading and investing. Neely has a proven track record of providing accurate forecasts and market insights, which has earned him a loyal following and respect within the trading and investing community.

Consistently recognized as a top market timer by Timer’s Digest, Neely has ranked among the leading forecasters for various markets, including stocks, bonds, and gold. His consistent forecasting accuracy and the advanced techniques he has developed through NEoWave have solidified his reputation as an esteemed authority on market analysis and trading strategies.

Intuit Trading has identified that regulatory challenges in the United States and China are identified as potential contributors to the prolonged bear market. For example, Coinbase, a major cryptocurrency exchange, may soon face legal issues for operating an unlicensed securities exchange, which could impact the flow of new money into the market. Additionally, ongoing lawsuits against Ripple and Justin Sun could hinder developers’ ability to effectively market their cryptocurrencies to US-based individuals, further constraining the influx of new money required for a true bull market to emerge.

Taking into account wave theory, market sentiment, regulatory headwinds, and the opinions of respected analysts like Glenn Neely, the cryptocurrency market appears to be heading towards “max pain.” This term refers to a deep and prolonged bear market that could continue well into next year. Over-leveraged crypto firms, such as Microstrategy and certain Bitcoin miners, may face increased risk of collapse during this period, resulting in a temporary fire sale of cryptocurrencies.

In light of this analysis, traders should be prepared for challenging market conditions in the near future as the market navigates through a protracted bear phase.

Image

Latest articles

Ripple Secures Full Payment Institution License from Singapore’s Central Bank

SINGAPORE — Ripple, a prominent player in the digital payment industry, announced that it...

Bitcoin Whales Amass Record Holdings, Now Hold 66% of Supply

Prominent Bitcoin ($BTC) investors have engaged in substantial accumulation of the flagship cryptocurrency throughout this year, amassing a total of 13.03 million coins in their holdings, marking the highest level in 2023.

SEC Takes First Enforcement Measure Against NFTs Regulatory Body Concludes Impact Theory’s NFTs Were Marketed as Unregistered Securities

U.S. regulatory authorities have mandated a Los Angeles company, which had previously issued non-fungible tokens (NFTs), to provide compensation to investors who had procured the aforementioned NFTs.

Binance Cuts Ties with Sanctioned Russian Banks Amid Regulatory Compliance Efforts

Binance has severed its affiliations with five Russian banks that were under sanctions, having been previously featured on the exchange's peer-to-peer platform for ruble fund transfers, the native currency of Russia.

More like this

Ripple Secures Full Payment Institution License from Singapore’s Central Bank

SINGAPORE — Ripple, a prominent player in the digital payment industry, announced that it...

Bitcoin Whales Amass Record Holdings, Now Hold 66% of Supply

Prominent Bitcoin ($BTC) investors have engaged in substantial accumulation of the flagship cryptocurrency throughout this year, amassing a total of 13.03 million coins in their holdings, marking the highest level in 2023.

SEC Takes First Enforcement Measure Against NFTs Regulatory Body Concludes Impact Theory’s NFTs Were Marketed as Unregistered Securities

U.S. regulatory authorities have mandated a Los Angeles company, which had previously issued non-fungible tokens (NFTs), to provide compensation to investors who had procured the aforementioned NFTs.