Quote from: Rimueng on Today at 05:07:27 PM

Quote from: Ultegra134 on June 10, 2022, 01:35:17 PM

Hello there,
I'm not the kind of guy who bothers about its price and any predictions that pop-up, because I haven't let the downtrend affect me. I'm planning to accumulate as much Bitcoin as I can and hold it for a long period. However, an article was trending on my news feed and decided to check it out. According to the article, Bitcoin was supposedly capable of avoiding inflation, although, it seems to have been severely affected by it. The change in risk appetite, the tightening of monetary policies and the withdrawal of liquidity from the markets and, finally, the rapid rise in inflation show that the cryptocurrency market has been severely impacted.

George Savakis, with the help of the analyst Dimitris Tsantoy, a member of Elliot Wave trader community, are predicting a correction down to $20.000 - $23.000, while claiming that as long as Bitcoin is below $35.000, it's extremely unlikely to see a market recovery.

Source: https://www.euro2day.gr/investments/crypto/article/2136805/h-tehnikh-analysh-deihnei-nea-ptosh-toy-bitcoin-to.html

Translated to English:
https://www-euro2day-gr.translate.goog/investments/crypto/article/2136805/h-tehnikh-analysh-deihnei-nea-ptosh-toy-bitcoin-to.html?_x_tr_sl=en&_x_tr_tl=el&_x_tr_hl=el&_x_tr_pto=wapp

What was stated by George Savakis who predicted a bitcoin price correction of up to $20k-$23k was true. Especially now that bitcoin is traded at a price range of $23k-$24k after a few months ago it fell to a price level of $17k. Therefore even though the bitcoin price is currently stuck in the $24k area, it still seems difficult to see a market recovery in the near term.

I don't get some analysis most times. It seems that George was right but then, in the process of being right there is still contradiction. If bitcoin can be able to move from 17 to 23 according to him that is recovery already. So does he mean that after Bitcoin gets to 23 it will return back to 17 or it will remain in that price range for ever?
Common sense should say that if something rises from 17 to 24, it can still get to 35 and more. Let us day that the first phase of his prediction has happened, let us wait for the second phase.