More Crypto Online, a YouTube cryptocurrency analyst, emphasizes that the current five-wave trend on the Bitcoin chart could open the door to an even bigger trend.
In the January 12 video, the analyst suggests that the market can expect a wave four if the micro-support on the daily chart of Bitcoin (BTC) is broken, triggering a larger wave five provided the market does not fall under $35,000 back.
If this is the case, the next fourth wave will be significantly larger than the previous month's fourth wave, leading to a bullish outcome.
More Crypto Online suggests that nothing is bearish on the chart unless the market breaks $20,000.
“I would view any sell-off as a gift,” the analyst shares. “I find it hard to see Bitcoin falling to this level anyway. I'm waiting for a fourth wave scenario first. Once five waves are completed, markets should expect a sharp decline.”
Looking at the hourly chart, the recovery from the September 11th low could have been completed on January 11th, which would have been a major high. However, the analyst confirms that this cannot be confirmed until the market makes a sustained break below $42,550.
The analyst points out a few red candles on the daily charts, although highlighting the sell-off should come as no surprise as these are common in cryptocurrencies and do not signal a major downturn.
More Crypto Online also predicts that something has changed, predicting that the ETH/BTC chart should have bottomed in the previous week. More Crypto Online suggests money could flow from BTC to Ethereum (ETH) and many other altcoins, reportedly triggering a market shift that triggers altcoin season.
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