Popular cryptocurrency analyst Jack Sparrow believes Bitcoin is on the brink of a new wave of growth. This will be the fifth and final bull season in the current market cycle.
The analyst builds on the previous market cycles of 2013 and 2017 and also uses the Elliott Wave Theory. It is a technical analysis method based on mass psychology and market cyclicality. According to the theory, the fifth wave of growth is usually the largest, the asset grows significantly higher than the previous values. Then the trend is reversed.
“Given the previous Bitcoin market cycles, we have not yet reached the top in the current cycle. The chart shows that the fifth wave always originated on the green arrows, and now the market is in just such a situation “, – writes analyst.
Jack Sparrow believes that in the long term, the bitcoin rate could rise tenfold. As for Ethereum, ETH is now in the accumulation phase and is also preparing for growth. Soon, the rate of the second cryptocurrency may exceed $ 3,050.
The upcoming growth of bitcoin is also supported by the fact that for the first time in history, 9.23 million BTC have been accumulated on the wallets of the “whales”. The number of active Bitcoin addresses increased by 30% over the week. Note that over the past day, the BTC rate has decreased by 4% and at the time of publication, the first cryptocurrency is trading at $ 38,500.
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