Bitcoin (BTC) still seems to be piping hot. As of the time of writing this article, the aggregate value of all cryptocurrencies remains at $175 billion — just shy of the year-to-date high established late Wednesday night. This effectively non-stop bullish price action, which pushed BTC well above $5,200 mere hours ago, however, has led some to claim that a short-term pullback to under $4,800 or even lower could be inbound.
According to Todd Butterfield, an analyst at the Wyckoff Stock Market Institute, though, BTC might not collapse. In fact, Butterfield writes that if the crypto asset follows his bullish Elliot Wave chart, which accurately predicted this 25% rally, there aren’t any “real sell reasons.”