Is encryption on top? The trader says that people are severely underestimating how close the market peak is – and this is his prediction

The widely followed cryptocurrency analyst and trader leans bearish on crypto assets.

The analyst and trader known by his pseudonym Plantz He tells He told his 311,100 followers on the social media platform X that the top could be in crypto asset prices.

“I think a lot of people seriously underestimate how close we are to reaching the summit if we haven’t already.”

In the case of Bitcoin (BTC), an analyst who regularly applies Elliott Wave Theory in his technical analysis He says That the king of cryptocurrencies has almost completed the last wave of the five-wave bullish rally that began months ago, implies that the major digital asset may be on the verge of a correction.

According to Elliott Wave Theory, the main trend of an asset’s price moves in a five-wave pattern while the correction occurs in a three-wave pattern.

“From an Elliott Wave Theory perspective, every wave during this bull run on BTC is likely being counted out now in my opinion.

Each sub-wave is within the fifth wave that began in August and five waves from the cycle lows.”

Regarding what could happen next, the analyst and trader who goes by the pseudonym says:

“Can we go up from here? Sure it is possible, does this mean you should cash out 100%? Probably not, because you will likely revert back to FOMO (fear of missing out) at any sign of strength.

As I said yesterday, at least it would be wise to take some chips off the table.

Bitcoin is trading at $105,310 at the time of writing.

Never miss an opportunity – sign up to get email alerts delivered directly to your inbox

Check price action

Follow us on X, Facebook and cable

Browse Hodl’s daily mix

&nbsp

Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated image: mid-flight