Bitcoin (BTC) Elliott Wave Analysis: More Pain Incoming
If I am correct in my analysis, Bitcoin is currently in the fourth wave of the overarching trend.
If we break down this wave further, the forecast could be as follows:
Wave 4 could move as a corrective wave with a typical a,b,c movement. However, keep in mind that the moves in this wave could be far more complex than shown here.
According to my analysis, we are at the beginning of the c in wave 4. This c can be broken down again into a possible smaller (a), (b), (c) move.
My reason for this assumption is that I think it is quite likely that Bitcoin is currently going through a short-term accumulation phase, which will trigger a final countermovement (b).
Typically, wave 4 corrects about 38% to 50% of wave 3, but it may not dip into the price territory of wave 1. If this were to happen, the analysis presented here would have to be discarded.
Given that the analysis is correct, this final c-movement of wave 4 could take the bitcoin price back to the 2017 top, which has so far remained untested. What would follow is wave 5 which will create a new all time high for BTC .
The analysis presented supports the idea of a lenghtening cycle.
If we break down this wave further, the forecast could be as follows:
Wave 4 could move as a corrective wave with a typical a,b,c movement. However, keep in mind that the moves in this wave could be far more complex than shown here.
According to my analysis, we are at the beginning of the c in wave 4. This c can be broken down again into a possible smaller (a), (b), (c) move.
My reason for this assumption is that I think it is quite likely that Bitcoin is currently going through a short-term accumulation phase, which will trigger a final countermovement (b).
Typically, wave 4 corrects about 38% to 50% of wave 3, but it may not dip into the price territory of wave 1. If this were to happen, the analysis presented here would have to be discarded.
Given that the analysis is correct, this final c-movement of wave 4 could take the bitcoin price back to the 2017 top, which has so far remained untested. What would follow is wave 5 which will create a new all time high for BTC .
The analysis presented supports the idea of a lenghtening cycle.