The Bitcoin (BTC) price decreased in August, failing to return above the $30,000 resistance area. The decrease culminated with a low of $25,166 on August 17.

These four crypto traders employed different means to predict that the movement would be bearish in August, achieving considerable Bitcoin profits as a result.

Elliott Wave Count Predicts Top and Ensuing Decrease

Elliott Wave theory involves the analysis of recurring long-term price patterns and investor psychology to determine the direction of a trend. The trading method accurately predicted that the price had already reached the top and would continue decreasing in August.

At the beginning of August, Elliott Wave specialist @XForceGlobal tweeted that the BTC price had reached a local top and is correcting. He gave an initial target of $26,000 but stated that the decrease could continue until $23,000.

The BTC price was trading near $29,000 at the time of the tweet. Afterward, a sharp decrease ensued, leading to a low of $25,166 on August 17. From the time of the tweet (white) to the low, the BTC price fell by 13%.

However, the price has increased sharply since, without falling to the $23,000 level. It is still possible that the BTC price will fall to $23,000. However, there are

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Author: Valdrin Tahiri

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