High-Level Overview:
As we progress through 2023, it appears that Bitcoin (BTC) has transitioned into a cycle impulse wave, a bull run in a five-wave structure, from the bottom of the recent bear market.
Within this cycle impulse wave, we are currently in the first primary wave, which is projected to climb up to the 39-40k range.
However, this upward trajectory is not without potential roadblocks. Following this initial surge, we can expect a primary Wave 2 correction that could pull BTC down to the 22-24k range by the end of the year.
Short-Term Details:
Drilling down further into the structure of this first primary impulse wave, we are currently in the intermediate Wave 5. This wave could potentially drive BTC's value up to the 39-40k mark by the end of September.
As part of this intermediate wave 5, we are presently in a minor Wave 2 correction. This correction phase may see BTC's price finding support at the 28-29k level.
Following this correction, we anticipate a strong minor impulse Wave 3, potentially pushing BTC up to the 1.618 Fibonacci level, which equates to around 36k.
Subsequent to Wave 3, minor Wave 4 is predicted to retrace but should not drop below the top of Wave 1, thereby maintaining a support level of over 31.5k.
Finally, after this minor Wave 4 correction, we should see the final push of minor Wave 5. This final wave within the intermediate wave sequence could see BTC hitting the 39-40k target.
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Disclaimer: This analysis uses the Elliott Wave Theory, volume profile, and Fibonacci retracement levels for technical analysis. However, financial markets are inherently unpredictable and influenced by numerous factors. This forecast is not financial advice but an interpretation of potential market movements. Always conduct your own research and consider your risk tolerance when making investment decisions.
Please keep in mind that the Elliott Wave Theory is highly subjective and open to interpretation. In addition, real-world markets are rarely as neat and predictable as theoretical models, so anomalies and irregular patterns do happen.
As we progress through 2023, it appears that Bitcoin (BTC) has transitioned into a cycle impulse wave, a bull run in a five-wave structure, from the bottom of the recent bear market.
Within this cycle impulse wave, we are currently in the first primary wave, which is projected to climb up to the 39-40k range.
However, this upward trajectory is not without potential roadblocks. Following this initial surge, we can expect a primary Wave 2 correction that could pull BTC down to the 22-24k range by the end of the year.
Short-Term Details:
Drilling down further into the structure of this first primary impulse wave, we are currently in the intermediate Wave 5. This wave could potentially drive BTC's value up to the 39-40k mark by the end of September.
As part of this intermediate wave 5, we are presently in a minor Wave 2 correction. This correction phase may see BTC's price finding support at the 28-29k level.
Following this correction, we anticipate a strong minor impulse Wave 3, potentially pushing BTC up to the 1.618 Fibonacci level, which equates to around 36k.
Subsequent to Wave 3, minor Wave 4 is predicted to retrace but should not drop below the top of Wave 1, thereby maintaining a support level of over 31.5k.
Finally, after this minor Wave 4 correction, we should see the final push of minor Wave 5. This final wave within the intermediate wave sequence could see BTC hitting the 39-40k target.
---
Disclaimer: This analysis uses the Elliott Wave Theory, volume profile, and Fibonacci retracement levels for technical analysis. However, financial markets are inherently unpredictable and influenced by numerous factors. This forecast is not financial advice but an interpretation of potential market movements. Always conduct your own research and consider your risk tolerance when making investment decisions.
Please keep in mind that the Elliott Wave Theory is highly subjective and open to interpretation. In addition, real-world markets are rarely as neat and predictable as theoretical models, so anomalies and irregular patterns do happen.