Bitcoin has broken above the upper boundary trend line, which I think is some confirmation that we are in wave 3 of a 5 wave upward impulse move. Based on some common Fib ratios for Elliott Waves, I've drawn some zone boxes where I think the price movements will land (for price, not timing). Naturally the farther into the future, the larger the boxes become. I think this whole sequence could also be the 5th wave of a larger impulse sequence that started in the spring. The landing zone boxes for the larger sequence overlaps the smaller one in the $6200-7000 range.
When I look at the overall cryptocurrency market, I see a wave pattern forming there as well: coinmarketcap.com/charts/ It looks to me like it could go as high as $275 Billion overall. If Bitcoin has roughly 47% marketshare, that would put Bitcoin's market capitalization at $129.25 Billion. Divided by the number of Bitcoin in circulation (16,588,075) that would put Bitcoin's price around $7,800 each. Definitely on the high side of my projection, but more or less in the ballpark. There are a lot of fuzzy variables in there, but I'm looking for probabilities and trends in larger targets, not pinpoint bullseyes.
It's still pretty early to say that Bitcoin is definitely going up. A conservative approach would be to wait for more confirmation, possibly even wait for wave 3 and 4 to finish and catch the bounce for wave 5.
When I look at the overall cryptocurrency market, I see a wave pattern forming there as well: coinmarketcap.com/charts/ It looks to me like it could go as high as $275 Billion overall. If Bitcoin has roughly 47% marketshare, that would put Bitcoin's market capitalization at $129.25 Billion. Divided by the number of Bitcoin in circulation (16,588,075) that would put Bitcoin's price around $7,800 each. Definitely on the high side of my projection, but more or less in the ballpark. There are a lot of fuzzy variables in there, but I'm looking for probabilities and trends in larger targets, not pinpoint bullseyes.
It's still pretty early to say that Bitcoin is definitely going up. A conservative approach would be to wait for more confirmation, possibly even wait for wave 3 and 4 to finish and catch the bounce for wave 5.
It still looks like $6200 is a reasonable target.