An analyst known for making timely crypto calls has sounded the alarm about the possibility that the asset class is hovering near the peak of a bull market.
The analyst with the pseudonym Plantz tells his 309,000 followers on the social media platform Printing Top of the cycle.
“There are cryptocurrency brands everywhere now.
“There are definitely still some good charts out there but regardless, I think we are at a point in the cycle where it would be wise to take some chips off the table.”
Plantz looks to Bitcoin (BTC) to support his position. According to the analyst, BTC is at the end of a five-wave bull run that began in early 2023.
Merchant He follows Elliott Wave (EW) theory, which states that a bullish asset experiences a five-wave rise before ending an uptrend.
“From an EW standpoint, every wave within this rally on BTC is probably going to count right now, in my opinion.
Each sub-wave within the wave that started in August and five waves of the cycle lows (2022).
Can we go up from here? Surely this is possible. Does this mean you should cash out 100%? Probably not, because you’ll likely revert back to FOMO at any sign of strength.
As I said yesterday, at least it would be wise to take some chips off the table.
At the time of writing, Bitcoin is trading at $101,235.
Another currency may have He hits The peak of a bull market is SOL, according to Pluntz. The trader notes that SOL appears to have completed a five-wave rise on the monthly chart with a bearish reversal signal to boot.
“Monthly SOL has five clear follow-ups with monthly spacing brewing.
The lower time frame of SOL contains five bottoms of the highs.
So do with it whatever you want.”
Bearish divergence indicates that the asset may be preparing for a downtrend with declining momentum while the price trades higher or sideways.
At the time of writing, SOL is valued at $234.
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