Many cryptocurrency traders try to pinpoint the bottom of the Bitcoin price as the perfect time to buy. As such, crypto analysts have used various indicators to predict the best time to buy Bitcoin. This pursuit has not abated even after the BTC price reached a new all-time high earlier this year, as crypto analyst RN Elliot has sounded the alarm to identify what he believes is the best time to buy the leading cryptocurrency.

Time to buy Bitcoin

The analyst’s chart points to a “Double Zigzag” pattern that has formed for Bitcoin. As the name suggests, it includes two different zigzag lines, both of which are likely to develop in the same way. This is because the first pattern has already completed, which the crypto analyst places with BTC’s all-time high above $73,000.

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Since the analyst believes that the second zigzag pattern could form in the same way, it is likely that it has already played out after a crash from $70,000 to below $50,000. If this analysis is correct, it could mean that the Bitcoin price is ready to recover from here.

From here, a recovery in Bitcoin’s price could push the price above $74,000, which would mark a brand new all-time high for the pioneer cryptocurrency. Moreover, such a surge would have market-wide implications and could spark another bull run for altcoins.

Using the Elliot Wave to Determine the Low Point

Elliot’s analysis focuses on the popular Elliot Wave tool to predict when is the best time to start buying bitcoins. This tool uses a series of waves to predict when the price might rise and fall, indicating periods of bearish and rising momentum. By applying this tool, the crypto analyst believes he was able to determine an end to the bearish trend.

According to the crypto analyst’s predictions, now is the right time to buy Bitcoin as the zigzag pattern is still in progress. As for the Elliot Wave Theory, the crypto analyst explains that Bitcoin is in the third wave. However, this is not a standalone wave as the prediction consists of five sub-waves.

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Elliot believes that as this wave progresses, an Expanding Diagonal pattern may form. According to the analyst, this pattern usually forms in an unstable market. However, he believes that if the formation continues, the price will rise.

The targets for the Bitcoin price increase are $84,331.6 for a short wave and $106,219.6 in case of a longer wave. Regardless of the length of the wave, any of these price points would guarantee a brand new high for the pioneer cryptocurrency.

Featured image created with Dall.E, chart from Tradingview.com