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The current price increase of Bitcoin is not corrective, but rather impulsive

May 1, 2020

Is the current Bitcoin price rally just a bull trap or is it really heading for the moon? Trader Alessio Rastani and co-founder of Wintermute Trading, Yoann Turpin, explain why Bitcoin’s bullish momentum can be impulsive rather than corrective.

Don’t miss the latest installment of the Cointelegraph crypto market discussions to take a deeper look at Bitcoin’s long-term future and take a look at what altcoins look promising right now.

Bitcoin will continue to rise?

Rastani believes in Elliott’s wave theory. According to Investopedia, Elliott’s wave theory is a method of technical analysis that identifies impulsive and corrective movements based on three and five wave patterns. Pulse waves are in line with the trend, while correction waves are against the trend. Rastani uses this method to describe Bitcoin’s current rally.

The current price increase of Bitcoin is not corrective, but rather impulsiveThe current price increase of Bitcoin is not corrective, but rather impulsive

“… from Elliott Wave’s perspective, this rally is not a correction for me. For me it is actually impulsive. So we already have five waves in this rally. This rally with five waves tells me that we are at the beginning. For me it’s the wave of a longer-term bull market in Bitcoin. “

Turpin, on the other hand, is approaching the Bitcoin market from a more macro-economic perspective. See Bitcoin’s success through its correlation with the stock market and its role as an alternative asset.

“I would like to believe that the correlation from here would be much lower and would actually only push Bitcoin further, which in fact justifies the fact that if you know, states are getting more and more debt and then you know that fiat currencies lose value over time, so interest in alternative assets grows. “

Be sure to watch the full video to see Rastani and Turpin’s price targets in more detail.

Analysis chart for old coins

Bitcoin can dominate the cryptocurrency market capitalization, but altcoins should never be forgotten. In this video, our guests give their opinion on six of the best altcoins.

Turpin first explains why he is keeping an eye on Ethereum and EOS.

“So Ethereum as an infrastructure project, I think it went from here to there. I like it very much, I like EOS a lot for a long time, not always in terms of the project, the quality of the project, but it is because they did it, you know, good and bad things with their money. But I like the fact that my perception is that they have raised so much money through their eternal ICO … “

Rastani continues to drill down the charts for other altcoins, including Monero, Dash, NEO, and Chainlink. He was amused by the constant requests for his opinions on Chainlink.

“The first one I want to show you is Chainlink. I mention Chainlink because every time I talk about cryptocurrencies in my channel on my YouTube channel, people always say, ‘Talk about Chainlink.’ So I get a lot of feedback on it all the time. I just want to mention that I obviously don’t advertise any of these cryptocurrencies. “

Watch the full video to find out which coins are striking and which are not.

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